Futures Market News
Canadian dollar's healthy performance linked to rising price of oil
Mar 02, 2012 01:11 PM
Friday saw the monetary unit of Canada perform strongly against its rival currencies, benefiting in part from the rising price of oil, Bloomberg reports.
The Canadian dollar hovered about its highest value in five months after economic data demonstrated Canada's economic system, the globe's 10th largest, grew during the fourth quarter of 2011. Crude oil, the natural-resources-rich nation's top commodity, touched its top price since the middle of 2008 during Thursday's trading session.
"There are still risks in the near term that the price of crude oil could break higher still," foreign-exchange strategist Lee Hardman with Bank of Tokyo-Mitsubishi UFJ in London told the news outlet. "That should add further momentum to the recent Canadian dollar gains that we've seen."
At 10:45 a.m. on Friday, crude oil futures slipped 1.13 percent, a $1.43 drop to $124.77 per barrel.
Statistics Canada reports the nation's gross domestic product during the final three months of last year gained 1.8 percent during, according to Dow Jones Newswires. For the final month, gross domestic product increased 0.4 percent, dwarfing the projected climb of 0.3 percent.
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