The Canadian dollar crept up against its US counterpart on Friday, benefiting from better risk sentiment after European Union leaders reached an historic agreement to build a closer fiscal union with stricter budget discipline in the euro zone. Global stocks, commodities and other riskier assets also rebounded after nearly all European Union leaders agreed to the deal to address the region's debilitating debt crisis.
A Reuters report that China planned a new $300 billion vehicle to invest in Europe and the United States added to the positive sentiment. But the Canadian dollar's rise didn't come anywhere close to offsetting a sharp fall on Thursday, when it suffered its biggest one-day drop in a month. The currency ended the North American session at C$1.0184 to the US dollar or 98.19 US cents, up slightly from Thursday's North American session close of C$1.0226 versus the US dollar, or 97.79 US cents.
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