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A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto, January 23, 2015. TORONTO, Aug 23 (Reuters) – The Canadian dollar strengthened against the greenback on Tuesday, recovering from its lowest level in nearly six weeks, as oil prices rose and investors weighed U.S. economic data that could reduce expected tightening by the Federal Reserve. The loonie was trading 0.7% higher at 1.2960 to the greenback, or 77.16 U.S. cents, after four straight days of declines. Earlier, the currency touched its weakest level since July 15 at 1.3063. "We have seen the Canadian dollar rally on the back of strong oil prices," said Rahim Madhavji, president at Knightsbridge Foreign Exchange. The price of oil, one of Canada’s major exports, climbed as Saudi Arabia floated the idea of OPEC+ output cuts to support prices. U.S. crude oil futures settled 3.7% higher at $93.74 a barrel, while the U.S. dollar .DXY pulled back from a fresh two-decade high against the euro after a report showed U.S. private sector activity contracted for a second-straight month in August. The data "is going to put lesser pressure than would have been otherwise on the Fed to […]
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