Canadian Dollar Gains With Stocks, Commodities on Risk Appetite
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The Canadian dollar strengthened against the majority of its 16 most-traded counterparts as rising U.S. stocks and raw materials boosted appetites for higher-risk assets.
Canada’s dollar gained along with the currencies of fellow commodity exporters as the Standard & Poor’s GSCI Index of 24 raw materials rose 2.3 percent after the Reserve Bank of Australia kept interest rates unchanged, signaling the global economy is stabilizing. The Canadian dollar, nicknamed the loonie for the image of the aquatic bird on the C$1 coin, may strengthen to a more than two-week high if it breaches the key resistance level of 99 cents per U.S. dollar, as markets await the results of the U.S. presidential election.