Loonie hits 3-decade high vs U.S. dollar
http://ca.today.reuters.com/news/new...DOLLAR-COL.XML
Thu Oct 11, 2007 4:13 AM EDT
LONDON (Reuters) - The Canadian dollar hit a three-decade high versus the U.S. dollar on Thursday as the greenback remained under broad selling pressure due to expectations of more Federal Reserve interest rate cuts.
Strong oil and commodity prices supported the currency of resource-rich Canada.
By 4:03 a.m. EDT, the U.S. dollar had fallen as low C$0.9777, moving beyond a three-decade low of C$0.9785 set last Friday.
"It's primarily dollar weakness," said Adam Cole, head of FX currency strategy at RBC Capital Markets.
"The catalyst has been stronger equity markets which points to greater risk tolerance and a move out of U.S. dollars into other currencies."