Canadian dollar strengthens as global risk aversion subsides

By Reuters

The Canadian dollar strengthened against its U.S. counterpart on Tuesday as stocks and oil prices rose, with the currency rebounding from a 10-day low the day before when a wave of risk aversion swept global markets. Wall Street's main indexes were set to bounce following the benchmark S&P 500's worst day in a month as investors parsed through a deluge of corporate earnings, while bracing for volatility ahead of Election Day. Canada runs a current account deficit and is a major producer of commodities, including oil, so the loonie tends to be sensitive to investor risk appetite.

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