Futures Market News
Loonie tracks crude oil futures' upward drive
Mar 20, 2012 09:31 AM
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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