Bloomberg News

Canada’s Dollar Appreciates After Weekly Loss as Crude Oil Gains

November 07, 2011

Nov. 7 (Bloomberg) -- Canada’s currency appreciated versus its U.S. counterpart as crude oil climbed and European stocks pared losses, buoying higher-yielding assets.

The loonie, as the currency is also known, fell last week versus the greenback for the first time since September on reduced demand for risk as Greece’s politicians tried to ratify a second bailout package agreed to last month. The Canadian dollar rose today against most of its major counterparts including the Swiss franc.

Canada’s currency increased 0.2 percent to C$1.0173 per U.S. dollar at 8:19 a.m. in Toronto. One Canadian dollar buys 98.29 U.S. cents.

--Editors: Dennis Fitzgerald, Greg Storey

To contact the reporter on this story: Chris Fournier in Halifax, Nova Scotia, at cfournier3@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net


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