Canada Dollar Gains for Third Day as Oil Rises on Risk Appetite
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Canada’s dollar gained for a third day against its U.S. counterpart as commodities rose amid speculation Cyprus is moving closer to a deal to stave off financial collapse, improving investor appetite for risk.
The currency strengthened yesterday after Finance Minister Jim Flaherty said he plans to eliminate the country’s deficit before the next election in 2015. The so-called loonie was headed for a sixth drop in seven weeks versus the greenback as futures traders increased their bets that the Canadian dollar will decline to the highest level since March 2007. Canada’s economy grew in January after contracting the prior month, a report is forecast to show next week.