Increasing prices of crude oil futures helped the Canadian dollar's value remain even on Monday when held against the U.S. dollar, according to published reports.
Immediately after a week that saw the loonie drop 2.1 percent to the greenback, the Canadian monetary unit benefited from gains to the energy commodity that also is the natural-resources-rich nation's top export, Bloomberg reports. Canada's
economy is based on exports of its natural resources.
Surprise news about Canadian wholesale trade increasing 0.09 percent during October also proved to be beneficial to the loonie, according to Reuters. Retail sales data for October is expected to be released on Wednesday and Friday will see the release of data about gross domestic product.
"Canadian data is expected to do a little bit better this week so you may see the Canadian dollar drift a little higher," senior vice president John Curran with CanadianForex told Reuters. "While this data may turn out to be short-term positive into year-end, the European woes are certain to take the spotlight again in the new year."
At 4:24 p.m. on Monday, crude oil futures increased 0.24 percent, a 0.25 cent rise to $103.60 per barrel.
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