Canadian dollar gains as oil settles about 20 per cent higher [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Canadian dollar gains as oil settles about 20 per cent higher The Canadian dollar strengthened against its U.S. counterpart on Thursday as investor sentiment got a boost from higher prices for crude oil, one of Canada’s major exports, and the prospect of further economic stimulus. At 3:49 p.m., the Canadian dollar was trading 0.7 per cent higher at 1.4060 to the greenback, or 71.12 U.S. cents. The currency, which on Tuesday hit a near three-week low at 1.4263, traded in a range of 1.40 to 1.42. The loonie is benefiting from a pickup in global market sentiment, said Simon Harvey, FX market analyst for Monex Europe and Monex Canada. World stock markets edged higher as investors weighed a rebound in oil prices and prospects for more government stimulus, although gains were crimped by a report that an experimental antiviral drug for the coronavirus flopped in its first randomized clinical trial. U.S. crude oil futures settled 19.7 per cent higher at $16.50 a barrel, spurred by the promise
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