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The Canadian dollar strengthened against its U.S. counterpart on Wednesday, as a rebound in oil prices and stocks offset domestic data showing a surprise decline in wholesale trade for September. At 2:31 p.m. ET (1931 GMT), the Canadian dollar was trading 0.5 per cent higher at 1.3247 to the greenback, or 75.49 U.S. cents. The currency, which touched its weakest level in nearly five months on Tuesday at 1.3318, traded in a range of 1.3237 to 1.3317. “The Canadian dollar is all about global risk sentiment,” said Brad Schruder, director of corporate sales and structuring at BMO Capital Markets. “If oil and equities can find some type of base here, then the Canadian dollar has potential to rally over two-and-a-half cents.” The price of oil, one of Canada’s major exports, bounced from the lowest levels in months after U.S. government data showed strong demand for refined fuel, but concerns remained over rising global crude supply. U.S. crude oil futures settled 2.3 per cent higher at $54.63 a barrel, while U.S. stock futures recouped some losses after a brutal two-day sell-off pushed the S&P 500 and the Dow Jones Industrial Average into the red for the year. In addition to […]
