The commodity-linked monetary unit also gained from the slowing pace of Chinese inflation. But retail sales data from the U.S. pushed up the loonie more than projected. The U.S. and China host the globe's biggest and second-biggest economies, respectively.
"We've seen more of a risk-on environment taking off in the London session and that seems to be continuing into the early North American session. That should be supportive of the Canadian dollar," head foreign-exchange strategist Audrey Childe-Freeman with Bank of Montreal in London told the news source.
September saw retail sales data in the U.S. increase 1.1 percent, data from the U.S. Commerce Department indicates. The federal agency also noted August retail sales pushed up 1.2 percent.
The loonie capitalized on economic data that is beneficial to monetary units that are more risk sensitive, according to The Wall Street Journal. Canada's economy is based on the export of its natural resources.
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