Canadian Dollar Rises to 13-Month High as Fed Spurs Risk Demand

Canada’s dollar strengthened to a more than 13-month high against its U.S. counterpart as stimulus measures by the Federal Reserve spurred global demand for higher returning assets such as stocks and commodities.

The dollar gained for a third week versus the greenback and rallied against 11 of its 16 most-traded peers as investors bought the currencies of commodity producing nations including Canada on a bet global economic growth will accelerate. Crude oil, the nation’s biggest export, climbed above $100 yesterday for the first time since May. Statistics Canada will release data on Sept. 17 showing whether international investors added Canadian securities in July.