Canada’s dollar rallied to its strongest level in a week against its U.S counterpart, tracking gains in global equities and commodities, amid speculation slowing growth in China will spur more monetary stimulus. The currency advanced against the majority of its most-traded peers, heading for a weekly rise versus the greenback, before Bank of Canada policy makers meet next week to determineinterest rates. The loonie touched the strongest level versus the euro since the shared currency began trading in 1999. The loonie added 0.4 percent to C$1.0148 per U.S. dollar at 12:14 a.m. in Toronto, touching the strongest level since July 5. One Canadian dollar buys 98.54 cents. The loonie touched C$1.2378 versus the euro. The Standard & Poor’s 500 Index rose 1.4 percent, while the Thomson Reuters/Jefferies CRB Index of raw materials added 1 percent. Gold rose 1.3 percent to $1,591.51 per ounce, and crude oil futures rose 0.9 percent to $86.88 per barrel. Canada’s currency has traded this year as strong as 98 cents per U.S. dollar on April 27 and as weak as C$1.0447 on June 4.
Source: Bloomberg
