The Canadian dollar bolstered versus the US dollar Wednesday after weak US economic data lifted the greenback to over three-month troughs against its major counterparts.
April retail sales failed to match projections, holding steady as households reduced big-ticket purchases, including cars. Also, April import prices dropped for a 10th consecutive month.
Combine the mild figures that really affected both the US dollar and the dollar index… “Canada probably had a bit more room to run here,” said Don Mikolich, Executive Director of Foreign Exchange Sales at CIBC World Markets.
The loonie closed at 83.56 US cents from Tuesday’s 83.21 US cents. At one point, the currency reached its strongest since January 15, 2015.
The material has been provided by InstaForex Company – www.instaforex.com