Economics
Canadian Dollar Snaps Longest Losing Streak Since January on Oil
- Currency gains as oil rises above $47 on lower Brexit concern
- Loonie higher even as data showed inflation rate eased in May
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The Canadian dollar snapped the longest steak of losses since January as crude oil prices advanced.
The currency remained higher even as a report showed Canada’s inflation rate eased in May as food costs rose at the slowest pace in more than two years. Oil climbed back above $47 a barrel and commodities gained amid increased demand for riskier assets on speculation that the U.K. referendum is less likely to result in a vote to leave the European Union.