The Canadian dollar drove to its seven-week high against the world's reserve currency on Thursday, advancing also against the majority of its rival monetary units, according to Bloomberg.
The loonie was spurred higher by February home prices climbing 0.2 percent, which trumped the 0.1 percent registered in January. The Bank of Canada is likely to postpone its interest rate hike, according to economists polled by the news service.
"There are a lot of things that should end up supporting the Canadian dollar as we get into next year and even late this year, that's everything from a housing market that doesn't collapse as some people feel to oil pricing that's already turned much more favorably for the Canadian economy," currency strategy head Camilla Sutton with Bank of Nova Scotia in Toronto told the news service on Thursday.
Losses to crude oil futures, the blue-chip export of the country with an economy based on the shipment of its natural resources, tempered the gains of the Canadian dollar during the Thursday trading session.
China, one of the globe's largest consumers of natural resources, released strong economic data, which also pushed up the value of the loonie on Thursday.
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