TORONTO (Reuters) – The Canadian dollar strengthened to a 10-day high against its U.S. counterpart on Monday as oil prices rose and investors reassessed the likely outcome of Tuesday’s U.S. presidential and congressional elections.
The loonie was trading 0.4% higher at 1.3895 per U.S. dollar, or 71.97 U.S. cents, after touching its strongest intraday level since Oct. 25 at 1.3876.
“The Canadian dollar is outperforming the (U.S.) dollar in line with a recalibration of odds on a Republican sweep in tomorrow’s U.S. election,” said Karl Schamotta, chief market strategist at Corpay.
Republican former President Donald Trump, who is in a neck-and-neck race with Democratic Vice President Kamala Harris for the presidency, has proposed sweeping tariffs on imported goods. Canada sends about 75% of its exports to the United States.
Analysts say that tariffs and other proposed measures…
