Stronger economic data regarding new home construction in Canada prompted the Canadian dollar on Monday to advance against the world's reserve currency, according to Bloomberg.
The country's housing market is believed to be on the upswing as a result of the strong data released from this past May.
"We'll probably bounce around in a bit of a range here on a fairly light data week," foreign exchange director Matthew Perrier with Bank of Montreal in Toronto told the news source. "One strong number doesn't turn the tide, but we'll see if it's a trend that starts to materialize in which case I think the calls for a 90 cent Canadian dollar start to get pared back rather quickly, but I think we need a few more data points before making that assumption."
Housing starts last month pushed to 200,178 units, data from Canada Mortgage & Housing Corporation of Ottawa states. The metric checked in at 175,922 during the month prior, according to The Canadian Press.
The loonie also benefited from a strong jobs report, which the nation released late last week, The Canadian Press reports.
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