Canada’s Dollar Advances as Global Stock Markets Rebound

By Chris Fournier

Nov. 21 (Bloomberg) -- Canada’s currency rose for the first time in four days as global stocks rebounded.

Canada’s dollar strengthened as much as 1.7 percent to C$1.2746 per U.S. dollar, from C$1.2962 yesterday. It traded at C$1.2788 at 7:04 a.m. in Toronto. One Canadian dollar buys 78.20 U.S. cents.

Stocks in Europe and Asia and U.S. index futures rose as speculation Citigroup Inc. may be up for sale and the cheapest commodity shares on record spurred rallies in banks and raw- material producers.

Consumer prices increased 2.6 percent from October 2007 after a 3.4 percent annual increase through September, Statistics Canada reported today in Ottawa. Annual inflation was slower than the 3.1 percent median forecast of 20 analysts surveyed by Bloomberg News.

To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net