Thursday saw the Canadian dollar advance against its southerly rival, benefiting from stronger than expected economic data released by both Canada and the U.S., the nation's top trade partner and host of the globe's largest economic system, Bloomberg reports.
Canada saw retail sales climb for a fourth-straight month and the U.S. saw stronger than anticipated gross domestic production from September to October. Global regulator the International Monetary Fund said on Wednesday that Canada should opt against hiking interest rates until the end of next year, which dragged the loonie late Wednesday.
"It's always nice to have your southern cousin, which is the predominance of your trade market, doing better," chief investment officer Noel Hebert with Concannon Wealth Management in Pennsylvania told the news source on Thursday.
With roughly one-third of the month left, the loonie's gains thus far have been 0.6 percent, slicing into the quarterly loss and reducing it to 0.5 percent. The U.S. economy grew at an annual rate of 3.1 percent.
From September to October, retail sales in Canada increased 0.7 percent, according to Reuters.
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