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Canadian Dollar Trades Up Against Major Rivals

4/12/2012 12:38 PM ET

During New York mid-day deals on Thursday, the Canadian dollar traded further higher against major currencies after the releasing of some economic reports. The loonie climbed to a 3-day high against the US dollar, 2-day highs versus the euro and the yen.

Statistics Canada today reported that the trade surplus decreased from $1.9 billion in January to $292 million in February as exports declined 3.9 percent and imports edged up 0.2 percent.

Extending its European session's uptrend, the loonie advanced further against the US dollar in New York morning today. As of now, the loonie is trading near a 3-day high of 0.9949 versus the greenback, compared to yesterday's close of 1.0040.

In economic news, the the U.S. Labor Department said that initial jobless claims rose to 380,000 from the previous week's revised figure of 367,000. Economists had expected jobless claims to edge up to 359,000 from the 357,000 originally reported for the previous week.

In an another report, the The Labor Department said its producer price index was flat in March following a 0.4 percent increase in February. Economists had been expecting the index to increase by 0.3 percent.

Separately, a report from the US Commerce Department showed U.S. exports ticking up slightly with imports falling bringing the trade deficit to $46 billion, down notably from the $52.5 billion mark posted in January. Most experts had expected the deficit to shrink somewhat from January levels, but the consensus of economists had the deficit much higher, around $51.7 billion.

Against the euro and the Japanese yen, the Canadian dollar also edged up further in today's afternoon deals. The loonie rose to 2-day highs of 81.37 against the yen at about 11:15 am ET and 1.3106 versus the euro as of 11:55 am ET, which may be compared to Wednesday's closing values of 80.58 and 1.3162, respectively. Currently, the loonie is worth 1.3117 against the euro and 81.30 versus the yen.

by RTT Staff Writer

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