TORONTO: The Canadian dollar edged higher against its US counterpart on Wednesday as oil prices rose and Wall Street's main indexes hit a one-month high, but investor interest in the currency was dulled by global issues including British political uncertainty.
British Prime Minister Theresa May saw off a no-confidence vote, a day after lawmakers defeated her Brexit divorce deal, while recent trade data from China has raised investor worries of a global economic slowdown.
"The Canuck buck remains confined to the children's table of global currencies," said Brad Schruder, director of corporate sales and structuring at BMO Capital Markets. "The market is focused on bigger picture global issues."
Stocks were boosted by upbeat earnings from the banking sector, and the price of oil, one of Canada's major exports, added to Tuesday's sharp rally. US crude oil futures settled up 0.4 percent at $52.31 a barrel.
Comments
Comments are closed for this article.