Loonie Touches Highest Since May 2008 as Crude, Copper Climb
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Canada’s dollar touched the strongest level in 2 1/2 years against its U.S. counterpart as crude oil reached a 26-month high and copper rose to a record, fueling appetite for currencies that benefit from global growth.
The Canadian currency, called the loonie for the image of the bird on the C$1 coin, gained 5.6 percent for the year after climbing 16 percent in 2009. The U.S. dollar weakened today against most major counterparts as investors sought higher-yielding assets. Pacific Investment Management Co.’s Bill Gross said investors should buy Canadian, Mexican and Brazilian bonds rather than U.S. dollar-denominated government debt.