Canadian Dollar Gains Versus Most Major Peers as Crude Oil Rises

The Canadian dollar rose against the majority of its 16 most-traded peers as crude oil, the country’s largest export, rose for a third day and traders bet the country would be less affected by falling metal prices.

The currency strengthened versus the dollars of its fellow commodity exporters Australia and South Africa on speculation Canada will be least hurt by recent weakness in metals. Copper, nickel and gold have all fallen this year after gold posted its biggest daily drop in 33 years last week. It fluctuated against its U.S. counterpart as existing home sales in the U.S. fell 0.6 percent last month.