Loonie Gets Boost from Positive Data

The Canadian dollar is getting a boost today, heading a little higher against some of its major counterparts, thanks to positive data recently released. Even though oil is lower today, the loonie is gaining some ground.

Loonie is higher today against the US dollar and the euro, and also higher against the UK pound. Over the weekend, the Canadian dollar got a boost from the latest economic data. Indeed, Canada’s data improved in terms of the labor market, with strong job creation data.

This contrasted with the somewhat lackluster data out of the United States this weekend, including a disappointing Michigan Sentiment survey. Loonie is also getting help against the euro from the medium term expectations for the Federal Reserve. Even though the greenback has been a little lower, the fact that tightening is expected is supposed to help the loonie to some degree against European currencies.

As a result, the Canadian dollar is getting a small boost today. Even though oil prices are lower, it’s not dragging on the loonie as much as they could.

At 11:23 GMT USD/CAD is down to 1.0880 from the open at 1.0887. EUR/CAD is also lower, dropping to 1.4570 from the open at 1.4579. GBP/CAD is lower as well, dropping to 1.8199 from the open at 1.8217.

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