The Canadian dollar gained against the euro today as commodities rallied, increasing the attractiveness of the currency. The loonie weakened against the US dollar and the Japanese yen though, as the market sentiment was not very positive today.
The Standard & Poorâs GSCI Index of 24 commodities gained 1 percent today, following two sessions of decline. Crude oil jumped as much as 1.4 percent to $90.62 per barrel in New York. The risk sentiment improved after China injected money in its economy and German Chancellor Angela Merkel said that Germany wants Greece to remain in the eurozone.
Still, the loonie was weaker against safe currencies. The IMF growth projections, which were lowered in the last report, decreased willingness to risk among traders and hurt stock market. The S&P 500 Index went down 0.4 percent.
EUR/CAD fell from 1.2666 to 1.2599 as of 22:13 GMT today, the lowest close since September 14. Meanwhile, USD/CAD rose from 0.9766 to 0.9780 and CAD/JPY fell from 80.14 to 79.99.
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