After posting the worst week in almost two months, the Canadian currency rebounded sharply today paring most of its previous days losses, as commodities exported from Canada had an increased demand today, attracting investors to purchase assets in the country.
The Canadian currency is highly influenced by stocks and commodities prices due to its high-yielding commodity exporter economic profile, and today, as the gold rose vertically and the crude oil rebounded after several negative sessions, helping the loonie to revert a losing trend posting the highest gains in 2 weeks.
USD/CAD traded at 1.0553 as of 16:37 GMT from a previous rate of 1.0697 yesterday.
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