Canadian Euro Has Best Month in 60 Years

The loonie is making us look like a bunch of hosers:

Canada’s currency headed for the biggest monthly gain since the Korean War as commodities surged, global stocks rallied and the U.S. dollar tumbled.
The Canadian dollar rose 9.2 percent since April 30, the most since at least October 1950, according to data from the Bank of Canada and Bloomberg.
“This does seem like a historic move,” said David Watt, a senior currency strategist in Toronto at RBC Capital Markets. “The biggest driver has been the decline in general fear, compounded by an increase in specific fear for the U.S. dollar, which might or might not be appropriate.”
The Canadian currency appreciated as much as 2.1 percent to C$1.0898 per U.S. dollar, the strongest level since Oct. 6, and traded at C$1.0908 at 2:15 p.m. in Toronto, from C$1.1133 yesterday. One Canadian dollar buys 91.68 U.S. cents.

The Onion notes: U.S. Dollar Slips Against Canadian Acorn

Posted by on May 29th, 2009 at 4:28 pm

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