The loonie reached the highest level since October as stocks and commodities rose, improving attractiveness for the Canadian currency.
The U.S. dollar is been affected by a strong risk appetite wave, which decreased attractiveness for the greenback, favoring the Canadian dollar, which even if is being considered overdone by several currency strategists, is imposing a rally that brought it to the highest levels since last October, as stocks and commodities continue to rise.
USD/CAD dropped to 1.0833 as of 18:32 GMT from a previous rate of 1.0860 in the beginning of this week’s session.
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