The Canadian dollar advanced Thursday, as traders divert their attention to the Federal Reserve’s timing of raising interest rates.
Earlier, the loonie softened as official figures showed faster than projected economic growth and month-end and quarter-end settlements.
The currency finished at 75.44 US cents from Wednesday’s 74.93 US cents.
I believe there was much interest to purchase the greenback. The moment the month-end fixing went out of the way “yesterday, USD/CAD traded one direction lower,” said David Bradley, Director of Foreign Exchange Trading at Scotiabank.
Crude oil rallied earlier, partially on woes about prospective damage to oil installations from a hurricane heading for the East Coast in the United States.
The material has been provided by InstaForex Company – www.instaforex.com