The Canadian dollar advanced today with help of domestic economic reports that suggested that Canada’s growth gains momentum, adding to signs of improvement in the global economy. As most other currencies, the loonie lost to the euro, which was the top performer on the Forex market today.
Building permits surged 8.5 percent in January, following the 4.8 percent decrease in December. The increase vastly outpaced the predicted gain of 1.9 percent. The Richard Ivey School of Business Purchasing Mangers’ Index rose from 56.8 in January to 57.2 in February.
Tomorrow’s data is expected to be mildly positive as analysts predict that the employment report will show decent growth. The improving outlook for the Canada’s economy increases the attractiveness of the nation’s currency, which was not performing particularly well this year.
USD/CAD declined from 1.1027 to 1.0986, reaching the low of 1.0954 intraday, and CAD/JPY advanced from 92.72 to 93.66 as of 19:01 GMT today. At the same time, EUR/CAD was up from 1.5143 to 1.5226.
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