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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Canadian dollar benefits from economic developments

Jul 25, 2012 12:14 PM

Wednesday saw the value of the Canadian dollar climb as conjecture about central bank intervention to boost economies gained momentum, according to Reuters.

The loonie also benefited from remarks of a policy maker with the European Central Bank stating the European Stability Mechanism is due a license for banking purposes, which benefited the common currency of the European Union as well. As Spanish fiscal problems worsen, the ESM then would be equipped to borrow money from the ECB as the nation is increasingly likely to solicit a full bailout.

"There's more positive sentiment," states an email to Bloomberg penned by managing director Steve Butler with Scotiabank in Toronto. "It's giving the market hope that there will be some policy action, either in the U.S. or Europe or both."

Also benefiting the loonie on Wednesday were increasing prices of crude oil, which is the top export of the natural-resources-rich nation. The loonie was near its lowest price in 14 days against the world's reserve currency.

Council member Ewald Nowotny with the ECB said many strong, well-reasoned arguments support the licensure of the ESM as the sovereign debt crisis continues victimizing euro bloc nations' banks, markets and public finance systems.

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