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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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Loonie tracks crude oil futures' upward drive

Mar 20, 2012 09:31 AM

Tuesday saw the Canadian dollar drive toward its top value since September as the loonie performed more strongly than the majority of its counterpart currencies, Bloomberg reports.

But while the monetary unit of Canada gained, the U.S. dollar dropped in value against nearly all of its counterpart currencies excluding the Brazilian real. The Canadian dollar achieved its top value against the world's reserve currency while prompted by the strong performance of crude oil, which is Canada's biggest export.

"If the U.S. data stays strong, then that really is an opportunity for Canada to catch up a little bit," currency strategist Tom Levinson with ING Groep NV in London told Bloomberg. "People are pricing in a decent chance of rate hikes for the Bank of Canada even this year. There's an opportunity for the Canadian dollar to do a little bit better."

At 7:52 a.m. on Tuesday, crude oil futures fell 1.08 percent, a $1.36 slip to $124.35 per barrel.

Reuters reports Canadian wholesale trade from December of last year to this past January proved to be lower than analysts and economists had projected when it registered at 1 percent. Canada this week intends to disclose retail sales and inflation figures.
 

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