The Canadian dollar accelerated Wednesday as investors turned to riskier assets again in a choppy trading.
Some currency markets are muted. North American equity markets surged as US non-defense capital goods orders rose in July and a Federal Reserve official implied the recent global market upheaval made September interest rate increase less likely.
The loonie stood at 75.06 US cents from Tuesday’s 74.93 US cents.
Canada has been normally outperforming when the US dollar and equity markets are escalating, inching closer “with equities markets, which is unusual for the Canadian dollar,” said Mark Chandler, Head of Canadian Fixed Income and Currency Strategy at RBC Capital Markets.
Meanwhile, Brent crude slid almost 2%, ending at $43.14 a barrel.
The material has been provided by InstaForex Company – www.instaforex.com