The Canadian dollar rose from a near seven-week low with advances in commodities, global stocks, and a private report showing higher than expected housing forecasts. The positives boosted investor demand for higher-yielding assets such as the commodity-driven Canadian dollar. The fortunate news for Canada continues after the International Monetary Fund reported that the nation's economic slowdown is likely to be among the shallowest, and its recovery among the strongest.
The rebound in commodity prices has certainly helped the loonie, and these typically are the driving forces behind the currency. Things have been recently depressed but the numbers have turned around nicely. Canada's currency strengthened 0.5% to USD1.1621 from a low point of USD1.1725 yesterday.
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