By Chris Fournier
Oct. 16 (Bloomberg) -- Canada's dollar rose for the first time in three days as commodity-linked currencies strengthened globally.
``We saw a little bit of position rebalancing back into purchasing the Australian dollar, so that's helping the commodity currencies,'' said Maria Jones, currency trader at TD Securities Canada Inc. in Toronto.
The Canadian dollar rose as much as 1 percent to C$1.1796 per U.S. dollar from C$1.1915 yesterday. The currency last traded at C$1.1867 at 8:53 a.m. in Toronto. One Canadian dollar buys 84.27 U.S. cents.
The Canadian dollar has depreciated 14.9 percent since July 11, when crude reached a record $147.27 per barrel. The Australian dollar has dropped twice as much. Canada relies on commodities for about half its export revenue.
To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net
Thursday, October 16, 2008
Canada's Dollar Advances Amid Rally in Commodity Currencies
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