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The Mighty Canadian Loonie Rises Again

By KJ Mullins     Oct 23, 2007 in Business
The Loonie will not lose its footing as it ran back up the scale Tuesday morning after a short dive on Monday. Closing at Monday at $1.02(US) the mighty Canadian dollar rose back to $1.0362 by 8:05 a.m.
Tuesday morning saw the highest value rating of the Loonie is 33 years. By 10 am though it had slipped back to $1.0344.
Statistics Canada is behind some of the gain with reports that retail sales rose 0.7% in August. That is higher than the 0.5% that Bay Street had predicted.
Steven Butler, director of foreign-exchange trading at Scotia Capital Inc, said:
The whole currency market seems to have swung right back around. It was all doom and gloom yesterday morning when we walked in, and things are feeling a whole lot better today.Bank of Canada governor David Dodge said the loonie's astounding surge was "abnormally quick" and defied the logic of fundamentals.
More about Loonie, Dollar, Rising