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Thursday, October 27, 2011 - Canadian dollar back above parity

The Canadian dollar again surpassed the value of its U.S. counterpart currency on Thursday morning, as a positive tone to global markets resulted some sell-off of the U.S. dollar.

The loonie was as high at $1.0083 U.S., after closing at 99.52 cents U.S. on Wednesday.

European leaders reached a deal to provide $1.4 trillion U.S. to bailout governments in that region swimming in debt. Stock markets around the world were surging, as were commodities such as crude oil, which was up $2.80 to $93 U.S. a barrel in New York.

The U.S. dollar is often seen as a safe haven when investors are nervous about the economy. Its decline on Thursday, and the related rise of the Canadian dollar, reflected a bigger appetite for investments that carry a greater degree of risk.

The loonie briefly breached parity on Tuesday morning, but before that, had been less than the U.S. dollar since Sept. 21.*

* The National Post, Oct. 27
 

posted in General at Thu, 27 Oct 2011 16:30:25 +0000



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