Canadian Dollar Benefits from Poor U.S. Data

The Canadian dollar pared some of the losses occurred this week as risk appetite rose significantly before the end of this Friday’s session, allowing the loonie and other currencies tied to growth to outperform a weakened U.S. dollar.

After a report in the U.S. showed a decrease in seasonally adjusted existing home sales figures, the loonie rose versus its U.S. counterpart, also helped by an increase in risk appetite as the Asian economy produced better than expected data this Friday, allowing stocks and commodities to trade high before markets closed.

USD/CAD closed at 1.0513 from as high as 1.0675 this week.

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