Canadian dollar up to 11-month high

The Canadian currency on Monday reached to its highest level since last June, thanks to the country's booming housing market and a takeover news.

The Canadian dollar jumped almost half a cent to close at 90.76 U.S.cents, up 0.47 U.S. cents.

New York-based Alcoa Inc. launched a hostile takeover bid Monday for Alcan Inc. of Montreal, which helped push Alcan's shares up and boost foreign interest in the Canadian dollar.

The Canadian dollar has gained 5 percent in the last five weeks. It is not far off the 29-year highs set a year ago when the currency topped 91 U.S. cents.

Source: Xinhua