Canadian dollar notches monthly gain as commodity currencies rally

strengthened against its U.S. counterpart on Monday as rising hopes that a global economic downturn can be avoided helped underpin commodity-linked currencies.

“Month-end investor flows are buying commodity currencies today,” said Michael Goshko, senior market analyst at Convera Canada ULC. “Last week’s solid U.S. data ... seems to have crystallized the ‘soft landing’ narrative, which would logically favor commodity currencies.” Canada is a major producer of commodities, including oil, which climbed to a three-month high on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply. U.S. crude oil futures settled 1.5% higher at $81.80 a barrel.

Adding to tailwinds for the loonie, dock workers on Canada’s West Coast and their employers said they reached a new labor agreement, averting an immediate strike, as they sought to end a dispute that has disrupted operations at the country’s busiest ports.

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