By Chris Fournier
Sept. 22 (Bloomberg) -- The Canadian dollar appreciated the most in more than two weeks as a rally in commodities such as crude oil and gold boosted the outlook the nation’s exports.
The dollar rose for the first time in three days, gaining as much as 1.2 percent as global stocks rallied. The Asian Development Bank said regional economies will expand faster than initially forecast this year. Canada derives more than half its export revenue from raw materials.
“Risk is back on,” said Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto. “Commodities and energy are trading higher. The U.S. dollar is under pressure after two days of short squaring. It’s back to a much more bullish environment for the Canadian dollar.”
The Canadian currency strengthened 1.1 percent to C$1.0676 per U.S. dollar at 8:24 a.m. in Toronto, from C$1.0791 yesterday and touched C$1.0661. One Canadian dollar buys 93.66 U.S. cents.
To contact the reporter on this story: Chris Fournier in Montreal at cfournier3@bloomberg.net
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