Monday saw the monetary unit of Canada advance slightly against its southerly rival as the currency tracked the commodity complex's stronger performance, according to Reuters.
The Canadian dollar was propelled by strong economic data released by China, the globe's second-largest consumer of oil. The energy commodity is the top natural resource of Canada, whose economy is based on the export of its commodities.
"Very little impetus today. In general, we have no data, it's probably going to be a session of range trading, looking ahead to the events and developments later in the week," chief currency strategist Shaun Osborne with TD Securities told Reuters on Monday. "It's going to be a case of still looking at risk appetite generally … There's probably a bias toward a more risk-off trading environment, which is going to be good for the U.S. dollar, negative for the Canadian dollar."
Industrial production, exports and retail sales in China last month dwarfed expectations. But both Canada and the U.S. are observing holidays on Monday, which closes bond markets and governments.
The Australian dollar pushed to its highest value in roughly 90 days against the loonie on Monday, according to RTT News.
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