The Canadian dollar was yet another currency to rally against the US dollar today. Positive macroeconomic data helped the currency to rally against the Japanese yen too, but the loonie was unable to gain on the euro, trading near the opening level versus the shared 18-nation currency.
The Canadian dollar demonstrated big losses versus the greenback on Friday but managed to log even bigger gains today. The currency also rallied for the second trading session against the yen. The rally does not necessarily mean an end to the short-term downtrend that has started in September 19.
As for Canada’s economic news, the Ivey Purchasing Managers’ Index climbed from 50.9 in August to 58.6 in September. The actual reading was above the predicted figure of 53.4.
USD/CAD slumped from 1.1250 to 1.1152 as of 19:10 GMT today. CAD/JPY advanced from 97.50 to 97.72, bouncing from the daily low of 97.31. EUR/CAD traded close to the opening rate of 1.4077.
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