Canadian dollar strengthens as investors ditch U.S. currency

News Snapshot:

The Canadian dollar CADUSD strengthened against its U.S. counterpart on Wednesday as investors weighed signs of an exodus from American financial assets amid a widening global trade war and despite further losses for oil, one of Canada’s major exports. The loonie was trading 0.7 per cent higher at 1.4160 per U.S. dollar, or 70.62 U.S. cents, after touching its strongest intraday level since Friday at 1.4133. “For a variety of reasons, investors are bailing out of American financial markets,” Karl Schamotta, chief market strategist at Corpay, said in a note. “The U.S. could soon find itself running smaller trade and...