Loonie advances with oil
Canada's currency rose 1% to CAD1.1394 per US dollar as it strengthened to its highest level in more than three weeks. The commodity driven currency hit stride as crude oil rose above USD61 a barrel and investors predicted more corporate earnings. The loonie is anticipated to rise to CAD1.12 against the US dollar by the end of the year.
Tuesday, Canada's dollar performed in line with other commodity linked currencies, but managed to become the second best performer against the US dollar among the 16 most actively tracked currencies. The spur of the loonie is mainly attributed to crude oil August delivery, increasing as much as 3% to USD61.46 a barrel.
The Canadian dollar's exchange rate is currently at USD1.1384 and GBP1.8527.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.