Indications of a strengthening economy in Canada pushed up the nation's monetary unit on Thursday against the U.S. dollar as the currency achieved a second consecutive day of gains against its southerly rival.
The Canadian dollar benefited from January demonstrating stronger retail sales than the month prior as the loonie pushed ahead against the majority of its top rivals. Also benefiting the loonie was a job market report issued by the U.S. that was stronger than forecast.
"The overriding factor is the Fed looking like it's remaining status quo and it looks like people will be selling U.S. dollars," senior vice president John Curran with online foreign-exchange dealer CanadianForex Ltd. in Toronto told The Canadian Press on Thursday.
Wednesday's gains for the loonie climbed as high as 0.3 percent against the world's reserve currency, which came after policy makers with the U.S. Federal Reserve decided to preserve economy-spurring monetary stimulus measures that presently are in place.
Retail sales increased 1 percent from December to January to amount to $38.9 billion, largely propelled by increased sales of cars and parts, according to The Canadian Press.
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