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Canada’s Currency Becomes Stronger as Crude Oil Advances

April 8, 2011 at 22:40 by Vladimir Vyun

Canadian DollarThe rally of commodities, including crude oil that jumped above $113 per barrel price, allowed the Canadian dollar to advance against its US counterpart and to post weekly gains for the third consecutive week. Canada’s currency weakened against the euro.

Crude oil surged on the speculation that the bombardment of Libya’s oilfield won’t allow the country to restore the rate of crude production to the previous levels anytime soon. May delivery of crude oil gained as much 2.6 percent to $113.14 per barrel in New York after reaching $113.21 per barrel, the highest price since September 2008. June delivery of gold advanced to the record $1476.80 per ounce. The Thomson Reuters/Jefferies CRB Index of raw materials rose 1.2 percent, posting gains for the seventh straight day.

The loonie declined versus the euro as the Canadian employment declined by 1,500 jobs in March, according to the report of Statistics Canada, while growth by 27,800 was expected. The unemployment rate declined from 7.8 percent to 7.7 percent.

USD/CAD closed today at 0.9553 after opening at 0.9582 and reaching the intraday low of 0.9524, the lowest level since November 2007. EUR/CAD advanced from 1.3710 to 1.3835.

If you have any questions, comments, or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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