Thursday saw the Canadian dollar push to its top value in three weeks against the world's reserve currency as optimism continued about the prospects of the U.S. staving off fiscal cliff threats, according to Bloomberg.
With Friday being the final day of November, the Canadian dollar was pushing toward advances both weekly and monthly. House Speaker John Boehner said the prospects of the U.S. staving off $607 billion in automatic spending cuts and tax increases are growing stronger.
"Anything that would remove that uncertainty from the market is going to be risk on, so that's good for Canada," foreign exchange sales executive director Don Mikolich with CIBC World Markets told Reuters, regarding the remarks issued by political leaders.
Crude oil, the top export of natural-resources-rich Canada, also helped the loonie climb with its own strong performance.
Joining in on the optimism for the U.S. avoiding the dangers posed by the fiscal cliff was President Barack Obama, according to Reuters. The leader's commentary also was beneficial to the Canadian dollar's performance on Thursday.
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