North American currency tussled over interest rates as the greenback stooped to a three month low against the loonie, according to Bloomberg.Canada’s one per cent interest rate attracted foreign currency investors over the US central bank's recent announcement that interest rates in the country will stay close to zero for some time. The Canadian dollar rose on the back of these interest rates, as well as their strong commodities such as crude oil, that will continue to export well.The loonie appreciated by 0.5 per cent to C$1.0043 per U.S. dollar late last night, which was the strongest level since October 31st. According to Blake Jespersen, director of foreign exchange in Toronto at Bank of Montreal:  “The market seems to think the low rates will be somewhat stimulative, but I think it’s a bit troubling the Fed didn’t acknowledge that the economy is improving.”The Financial Times recently speculated that the US could be on the verge of a major comeback, with a strong recovery being projected over the next three years. The ‘double dip’ recovery that has been touted as the most likely scenario could turn into a ‘double recovery’ if economic indications are correct.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site