The Canadian dollar has been slowly recovering from its worst start to a year since the early 1970s, according to Bloomberg.
As commodities slowly grow stronger, so too is the loonie as the national economy is underpinned by the export of native resources of the country's rich soil.
"The Bank of Canada probably is somewhat comfortable where the Canadian dollar is and where rates are, and they're unlikely to change their view on that," chief economist David Watt with the Canadian unit of HSBC Holdings Plc. in Toronto told the news source late last week. "We might not feel exactly that things are going gangbusters in Canada but the underlying trend, and hopefully with exports specifically, is we'll see better volumes."
The Canadian dollar was at its lowest value in well more than four years on January 31 against the U.S. dollar. Since then, the loonie has bounced back roughly 2 percent.
Canada is not forecast to release significant data for the remainder of this week and early next week, The Wall Street Journal reports. Canada is slated to release consumer price data for last month on February 21.
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