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Following Prime Minister Justin Trudeau’s decision to step down, the Canadian dollar experienced a sharp surge, marking its largest gain in the past year.
Today, the currency climbed by more than half a cent against the U.S. dollar, currently trading at 70 cents to the U.S. dollar.
This rise is the most significant movement for the loonie in the past 12 months, following a period of decline. Just a few weeks ago, on December 19th, the Canadian dollar reached its lowest point of the year, trading at 68.7 cents to the U.S. dollar.
The recent uptick suggests a return of confidence in Canada’s economy and its currency.
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