The Canadian dollar rose against its southerly rival on Thursday, driven higher by strong economic data from China and gains for Canada's top export, according to Bloomberg.
However, the loonie slipped against the common currency of the European Union, which benefited from policy makers with the European Central Bank opting to leave interest rates unchanged. Chinese overseas sales gained 14.1 percent this past December as compared to the metric for the same month one year earlier.
"The ECB press conference certainly has provided a little bit of a bid to the euro overall and is keeping the U.S. dollar a little bit on the defensive," currency strategy head Jeremy Stretch with CIBC World Markets in London told Reuters on Thursday. It's "washed away some of the obvious and immediate concerns about a bias toward rate cuts in Europe."
The loonie is sensitive to the market performance of crude oil, which is the top export of the commodity-rich country. Crude oil futures were driving higher on Thursday.
The economy of the 17-nation bloc is forecast to strengthen later this year, President Mario Draghi with the European Central Bank told a news conference on Thursday, Reuters reports.
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