TORONTO: The Canadian dollar edged higher against its US counterpart on Monday as higher oil prices offset broad-based gains for the greenback, with the loonie faring better than nearly all the other G10 currencies.
The price of oil, one of Canada’s major exports, was supported by concerns over shut output in the United States because of damage from Hurricane Ida.
US crude rose 1.2% to $70.53 a barrel, while the Canadian dollar was trading 0.2% higher at 1.2665 to the greenback, or 78.96 US cents. The currency traded in a range of 1.2662 to 1.2694.
Among G10 currencies, only the Norwegian crown had a bigger gain. Norway is also a major producer of oil.
Data on Friday showed that Canadian employment has climbed to within 1% of pre-pandemic levels but the boost the loonie got from the data was offset by uncertainty ahead of the Sept. 20 federal election and broad-based gains for the US dollar.