Canada’s dollar advanced versus its U.S. for Forex trading currencies, counterpart for the first time in four days as crude oil rose and stocks gained amid speculation Group of Seven officials will act to calm markets roiled by Japan’s nuclear crisis.
The loonie, as the currency is known for the image of the aquatic bird on the C$1 coin, dropped the most in almost 10 months March 15 amid concern a nuclear accident outside Tokyo may hurt the global economy. Oil, Canada’s biggest export, rose for a second day on concern Mideast and North African turmoil may disrupt supplies. The greenback fell against most peers.
Canada’s dollar appreciated 0.4 percent to 98.76 cents per U.S. dollar at 8:16 a.m. in Toronto, from 99.14 cents yesterday. One Canadian dollar buys $1.0126.
G-7 officials prepared to meet to discuss the threat to the world’s third-largest economy from last week’s earthquake and a worsening nuclear crisis.
Crude oil for April delivery rose 1.9 percent to $99.83 a barrel in New York. The MSCI World Index of stocks gained 0.5 percent.