Tuesday saw the Canadian dollar gain in value against its southerly rival for a third straight trading session as the top banker in the U.S. prepared for a Friday speaking engagement, according to Reuters.
The loonie notched its highest value since early may against the U.S. dollar as Ben Bernanke and colleagues prepared for a yearly symposium, prompting some financial executives to speculate increased discussion about a third round of quantitative easing soon will be a key topic of discussion.
"As we head into the end of the week in Jackson Hole … the market is starting to shift focus back to QE3," foreign exchange sales director Matt Perrier with BMO Capital Markets told Reuters. "I just think the U.S. dollar is generally being sold on any rallies."
The statistics office of Canada is projected to release economic data on Friday indicating the nation has had a fourth straight quarter of increases to gross domestic product, economists told Bloomberg.
Also benefiting the Canadian dollar on Tuesday were gains to crude oil, the top commodity of the natural-resources-rich nation.
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