However, the loonie's lift was tempered by Canada releasing economic data revealing a 2.1 percent loss in existing home sales in February as compared to the month prior, the Canadian Real Estate Association indicated. But, nonetheless, for the first time in six weeks, the loonie was driving toward its first five-day lift in nearly 45 days.
"You look at the extent of the move over the last five weeks, it had been a fairly one-way street," foreign exchange director Matthew Perrier with the Bank of Montreal in Toronto told the news source on Friday. "The trade was getting a little crowded on the short Canada side versus the U.S. and I'm not overly surprised to see a bit of a correction here, but it remains just a correction."
The monetary unit of Canada was barreling toward its strongest value since February 22.
Also benefiting the performance of the loonie on Friday was the upward push of crude oil futures, according to The Canadian Press. The energy commodity is the top export of the natural-resources rich nation.
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