TORONTO - The Canadian dollar strengthened against its U.S. counterpart on Monday, adding to its recovery from a five-month low, as an increase in risk appetite weighed on the safe-haven U.S. dollar.
"It has been a fairly quiet day activity-wise, with the rebound in U.S. equities lending some support to the risk backdrop, which has weighed on the USD more broadly," said George Davis, chief technical strategist at RBC Capital Markets. The price of oil, one of Canada's major exports, settled down 0.3% at $87.29 a barrel but holding near 10-month highs following fresh Saudi and Russian crude output cuts.
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