Prime News: Canadian dollar strengthens on surging oil prices, soft US dollar

The Canadian dollar accelerated on Wednesday as crude prices rallied to 2015 highs and the US dollar slumped on mild economic data.

The election was removed from price action in the loonie. “It will raise some caution in terms of generating further investments in the energy industry for Canada,” said Scott Smith, Senior Market Analyst at Cambridge Global Payments.

US crude increased 0.4% to $60.66 following it hit $62.58 a barrel, while Brent crude remained at $67.55 following it reached $69.63 a barrel.

The loonie ended at 83.06 US cents from Tuesday’s 82.84 US cents.

Crude and the greenback seemed to cloud any market reaction from a remarkable election in Alberta where New Democrats secured victory, ending the Progressive Conservatives’ dominance for 44 years.

The material has been provided by InstaForex Company – www.instaforex.com

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