The U.S. dollar has reached a low not seen for three years against the Canadian dollar. The loonie is gaining in forex trading on the currency market against the greenback, thanks to a better economic outlook and increased commodity prices.
As a commodity currency, the Canadian dollar receives some help when commodities like oil and gold head higher. And, with oil prices surging above $107 a barrel, Canada is getting plenty of support. Also helping is the fact that the U.S. job market is starting to improve, and that means that there is a chance that consumers could help boost the global economy.
With investors and forex traders anxious for higher yields, and feeling a little safer, it is no surprise that other currencies are getting some play. The U.S. dollar is also down against the euro, pound and Aussie.
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