Canadian Dollar Biggest Gainer Among G10 Currencies in 2019

The Canadian dollar continues to make gains against the US dollar after rising to a 14-month high in the previous session.

Canadian Dollar Biggest Gainer Among G10 Currencies in 2019

On the first day of a brand new year, the Canadian dollar continues to make gains against the US dollar after rising to a 14-month high in the previous session. At the time of writing, USD/CAD is trading around 1.297.

The Canadian dollar has gained around 5% in 2019, the highest gainer among G10 currencies. USD/CAD has also traded bearish over a weakness in the US dollar over an improvement in the risk appetite in global financial markets ever since the US and China announced the signing of the phase one trade deal.

In addition, the Canadian dollar has also been strengthening over a recent bullishness in crude oil prices, as Canada is a leading exporter of oil. Crude oil prices have been trading higher lately ever since OPEC announced deeper supply cuts for 2020, and optimism of fading trade tensions following the signing of the partial trade deal between the US and China.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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