Canada's Dollar Rises From 3-Week Low


The Canadian dollar rose from the lowest level in three weeks as commodities gained, boosting the currency's appeal.

Canada's dollar strengthened against 12 of the 16 most actively traded currencies as gold and crude oil advanced. Commodities account for about half of Canada's exports.

The currency rose 0.2 percent to C$1.0172 per U.S. dollar at 8:30 a.m. in Toronto, from C$1.0195 on May 2, when it touched C$1.0243, the lowest since April 14. One Canadian dollar buys 98.309 U.S. cents.

Canada's currency has dropped 1.8 percent versus the U.S. dollar this year, after climbing 17 percent in 2007, on concern that a slowdown in U.S. growth will hurt demand for exports.


TradingEconomics.com, Bloomberg
5/5/2008 6:42:08 AM