High oil supports the Canadian dollar and the US currency is falling
Economy News _ Baghdad
The US dollar fell against a basket of currencies on Wednesday, while currencies linked to commodities such as the Canadian dollar were supported by rising oil prices this week.
Oil prices rose to a two-and-a-half-year high on Tuesday, supported by reports of an explosion in a Libyan oil pipeline along with OPEC-led production cuts.
This contributed to the support of currencies of commodity exporters, and the Canadian dollar touched its highest level since December 6 at 1.2678 Canadian dollars to the US dollar.
Similarly, the Australian dollar was up 0.2 percent at $ 0.7746, its highest level in two months.
The dollar index, which tracks the performance of the greenback against a basket of six major currencies, fell 0.1 percent to 93.188.
Major currency movements were limited, with the euro adding 0.2 percent to $ 1.1876, while the greenback was steady against its Japanese counterpart at 113.19 yen.
The currency of the Betquin rose 3.2 percent to about $ 16,270 on the Luxembourg-based Beetsteamp. The currency has gained about 14 percent since the beginning of this week, recovering some of its strength after falling 25 percent last week in its biggest weekly loss since 2013.