Canadian Currency Climbs for Third Straight Week as Oil Rallies
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Canada’s dollar rose for a third week against the greenback as crude oil, the nation’s biggest export, surged on concern unrest in Libya will spread to other North African and Mideast nations and curb shipments.
The loonie slid from a three-year high on March 1 as Bank of Canada Governor Mark Carney reiterated that a strong currency poses challenges to exports while keeping borrowing rates unchanged. The Canadian dollar dropped against most of its major counterparts including the euro before a report next week forecast to show employers added fewer jobs in February than the previous month.