Talks About Ireland’s Bailout Improve Sentiment, Supporting Loonie

The Canadian dollar rose today against its US counterpart after two day of losses on the better-than-expected economic reports from Canada and as the speculation that the debt problems of Ireland would be prevented from spreading to other European countries boosted the stocks and crude oil. The euro benefited more from the improving sentiment, outperforming the loonie.

Canada’s Leading Indicators rose 0.2 percent in October, following the decline by 0.2 in September. The wholesale sales grew by 0.4 percent to $44.8 billion in September, following the advance by 1.3 percent in August. The analyst predicted the growth by only 0.1 percent.

December delivery for crude oil gained as much as 2.4 percent to $82.35 per barrel. Other commodities also rallied. The MSCI World Index of equities in developed nations jumped 1.8 percent.

USD/CAD declined from 1.0211 to 1.0210 as of 21:02 GMT today, following the decline to 1.0153. EUR/CAD went up from 1.3857 to 1.3922 after it previously fell to the intraday low of 1.3825.

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