Canadian Dollar Gains as IMF Considers Reserve Status
This article is for subscribers only.
The Canadian dollar gained the most in a month against its U.S. counterpart after the International Monetary Fund said it’s considering classifying the so-called loonie and Australia’s dollar as reserve currencies.
Canada’s dollar, nicknamed the loonie for the image of the waterfowl on the C$1 coin, gained earlier as global stocks and commodities advanced amid optimism the U.S. Congress would avert the so-called fiscal cliff. The currency extended gains after details of the Nov. 14 IMF report were disclosed.