The Canadian dollar extended its winning ways over its US counterpart rising 0.1 percent to US$1.0050. The loonie is benefiting from improving growth and employment numbers both at home and in the US which accounts for about 75 percent of Canadian exports.
“On days like today when you get the pure U.S. dollar strength, it tends to take Canada with it,” Adam Cole, head of global currency strategy at Royal Bank of Canada, said by phone from London. “It’s a story that I like a lot; if you’re bullish on U.S. growth, buy Canada.”
Source: Bloomberg