Canadian Dollar Rises as Spain Budget Plan Boosts Risk Appetite
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Canada’s dollar snapped a three-day losing streak versus its U.S. counterpart as investors’ risk appetite grew with Spain’s cabinet approving a budget it said would ease the nation’s debt crisis.
The Canadian currency rose with stocks as Spanish Economy Minister Luis de Guindos said the plan exceeds the recommendations of the European Union. The so-called loonie gained as crude oil, the nation’s largest export, increased on speculation the Chinese government will do more to support its economy. A report due tomorrow is forecast to show Canada’s gross domestic product grew 0.1 percent in July, down from 0.2 percent in June.