Canadian Currency Touches Three-Year High on Oil, Risk Appetite
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Canada’s dollar reached the strongest level against its U.S. counterpart since 2007 as crude oil, the nation’s biggest export, touched a 29-month high and investor appetite for riskier assets recovered.
The currency, also known as the loonie for the image of the aquatic bird on the C$1 coin, reversed losses yesterday as North American stocks rose. It also gained after retail sales in the U.S., Canada’s biggest trade partner, increased the most in February in four months. Canadian consumer prices held steady last month, data next week may show.