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FOREX – The Canadian dollar rose against its U.S. counterpart, paring previous losses, and extended its rally versus the euro today on the signs of the record economical growth and on rising oil prices, which caused the speculations that the central bank will increase the interest rates.

Canada’s gross domestic product grew 6.1 percent in the first quarter of this year, the fastest pace in a decade. July delivery for crude oil rose $0.71 (1 percent) to $74.68 per barrel on the New York Mercantile Exchange. Crude oil is the source of the biggest export revenue for Canada. Read the rest of this entry »