Thursday saw the Canadian dollar ebb and flow against its southerly rival despite the release of stronger-than-anticipated economic data about the economy of Canada from earlier this year, Bloomberg reports.
The economy of Canada, recognized as the globe's 11th-largest, grew 0.2 percent in January after having contracted 0.2 percent during the month prior. The economic data came after the third and fourth quarters of last year in Canada were the weakest since the onset of the Great Recession in 2008, according to Reuters.
But the loonie also ran into challenges as the U.S. Labor Department noted jobless claims in the U.S. climbed last week, which stops the labor market's recent achievements in lowering unemployment. The U.S. and Canada share strong commerce and trade relations so Canada is sensitive to U.S. economic and financial developments.
Reuters reports the stronger January in Canada was linked to upticks in manufacturing and mining while the resumption of professional ice hockey after a labor dispute also helped.
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