Loonie Reaches
Notable Highs Versus Major Counterparts
The loonie hit noteworthy highs against
the euro and greenback on Friday in New York. Investors digested U.S.
Treasury Department`s decision to set up a program to guarantee the U.S.
money market mutual fund industry and higher U.S. oil prices.
The government plan is part of a comprehensive plan government
authorities are collaborating together to help calm turmoil in the
financial markets. The announcement came on the heels of news that the
Securities and Exchange Commission had temporarily banned short selling
in financial stocks.
Crude oil remained higher for the session on Friday, but eased back
below the $100 a barrel mark. Light sweet crude for October moved to
$99.54, up $1.66 for the session. Prices touched as high as $103.64 in
early trading, more than $13 off its lows of this week.
The Canadian dollar rose to a 3-week high versus the U.S. dollar on
Friday. The loonie climbed to 1.0429 by 12:30 pm ET, up from a mid-morning
low of 1.0666.
The loonie pulled back from a weekly high against the euro on Friday.
After reaching 1.5019 by Noon ET, the Canadian dollar eased back to
1.5190 in the afternoon. Traders considered a report showing German
producer prices fell more than expected in August.
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