The Canadian dollar took a break from selloff as it snapped back from a three-month low reached in early trade, following data showed the country’s trade surplus broadened in June as exports climbed to a record high.
The gain rendered the loonie some relief which had left it staggering last week and half as optimism over a US economic recuperation ignited a preference for the greenback.
Investors also monitor geopolitical tensions after NATO said Russia deployed additional combat-ready troops on Ukraine’s eastern border.
Amid the concern in the region, the currency dismissed it after the trade report showed Canada’s surplus rose to a 2 ½ year peak in June.
“That’s quite positive for Canada in the sense that it ties back to the Bank of Canada and how they continue to follow exports as a way to boost the economy,” said Rahim Madhavji, President of KnightsbridgeFX.com.
The loonie concluded the North American session at C$1.0913 to the greenback or 91.63 US cents, sturdier than Tuesday’s C$1.0960 or 91.24 US cents. Its session low was C$1.0986, its lowest since early May.
The material has been provided by InstaForex Company – www.instaforex.com
The Canadian dollar took a break from selloff as it snapped back from a three-month low reached in early trade, following data showed the country’s trade surplus broadened in June as exports climbed to a record high.
The gain rendered the loonie some relief which had left it staggering last week and half as optimism over a US economic recuperation ignited a preference for the greenback.
Investors also monitor geopolitical tensions after NATO said Russia deployed additional combat-ready troops on Ukraine’s eastern border.
Amid the concern in the region, the currency dismissed it after the trade report showed Canada’s surplus rose to a 2 ½ year peak in June.
“That’s quite positive for Canada in the sense that it ties back to the Bank of Canada and how they continue to follow exports as a way to boost the economy,” said Rahim Madhavji, President of KnightsbridgeFX.com.
The loonie concluded the North American session at C$1.0913 to the greenback or 91.63 US cents, sturdier than Tuesday’s C$1.0960 or 91.24 US cents. Its session low was C$1.0986, its lowest since early May.
The material has been provided by InstaForex Company – www.instaforex.com
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