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CANADA FX DEBT-Canadian dollar advances as investors favor goods exportersFriday, January 15, 2021 > 09:57:51
The Canadian dollar climbed to a near three-year high against its U.S. counterpart on Thursday, bolstered by higher oil prices and the strengthening of currencies that benefit from rising demand for goods exports.
The loonie was trading 0.4% higher at 1.2638 to the greenback, or 79.13 U.S. cents. It touched its strongest since April 2018 at 1.2625.
Export-oriented economies, such as those in Asia, "that are goods-intensive have tended to see their currencies outperform," said Mazen Issa, a senior FX strategist at TD Securities. "CAD is getting pulled along for the ride."
Analysts expect vaccine rollouts and a rebound in exports to lead the recovery for trade-reliant Asian economies in 2021. On Wednesday, the Taiwan dollar notched a 23-1/2-year high at 27.938.
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