|Day's Range||1.3504 - 1.3564|
|52 Week Range||1.2401 - 1.3970|
The Canadian dollar strengthened to its highest level in nearly four weeks against its U.S. counterpart on Wednesday as a recovery in risk appetite raised pressure on speculators that have raised bearish bets on currency. The loonie was trading 0.2% higher at 1.3570 to the greenback, or 73.69 U.S. cents, after touching its strongest since March 3 at 1.3560. "A number of points seem to be coming together to support the Canadian dollar and potentially open the door to a bit more strength," said Shaun Osborne, chief currency strategist at Scotiabank, noting the recovery in risk appetite, a pickup in Canadian oil prices and extreme bearish positioning in the currency.
The Canadian dollar was trading 0.7% higher at 1.3655 to the greenback, or 73.23 U.S. cents, its biggest gain since March 13. "We are seeing a recovery in sentiment but also in terms of some of the fundamentals that would support the Canadian dollar," said Eric Theoret, a global macro strategist at Manulife Investment Management. "The turn in the price of crude has really been a positive for the Canadian dollar."
The Canadian dollar was little changed against its U.S. counterpart on Thursday, with the currency giving back its earlier gains as oil prices fell and a rally on Wall Street lost momentum. The loonie was trading nearly unchanged at 1.3730 to the greenback, or 72.83 U.S. cents, after touching its strongest level since March 7 at 1.3631. The price of oil, one of Canada's major exports, fell after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the country's Strategic Petroleum Reserve (SPR) would be difficult this year and may take several years.