Canadian, Aussie dollars driven higher by oil boost

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The Canadian dollar hit its highest level in over two weeks and the Australian dollar hit a 12-day high on Monday as a bounce in oil prices drove a recovery in major commodity-linked currencies. Saudi Arabia and Russia agreed on Monday to extend oil output cuts until March 2018 to rein in a global crude glut, pushing up prices by as much as 2 percent and dominating morning trade on European currency markets. Weekly positioning data also showed speculators are net long Australian dollars, which helped it move away from last week’s four-month lows.

May 15, 2017 at 05:33PM

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