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Canadian Dollar Trades Further Higher Against Major Rivals

Duirng New York mid-day deals on Monday, the Canadian dollar traded further higher against major currencies as the country's wholesale sales unexpectedly rose in February. The loonie climbed to a new multi-week high against the Aussie and a 4-day high versus the euro.

Official data from Statistics Canada showed that wholesale sales rose 1.6 percent in February to C$48.5 billion, followed a 1.1 percent decline in January.

Economists predicted wholesale sales to be down 0.17 %.

Extending its previous session's uptrend, the loonie advanced further against the Australian currency and hit a fresh multi-week high of 1.0234 by about 11:40 am ET. Currently, the pair is worth 1.0239.

The Canadian unit edged up further against the euro in today's late morning deals and as of now trading near a 4-day high of 1.3050 from last week's close of 1.3121.

The loonie that touched a 6-day low of 0.9981 versus the US dollar at about 7:40 am ET traded higher thereafter and presently trading near 0.9938.

The Canadian dollar also showed strength against its Japanese counterpart in New York morning deals from European session's multi-day low of 81.25. Currently, the loonie-yen pair ids trading at 81.70.

by RTT Staff Writer

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