The Canadian dollar rose in value on Monday against the world's reserve currency prior to the release of economic data about the country's business climate, according to The Canadian Press.
Conducted last month and in May, the business climate data is used by the central bank to assess economic strength and project the near-term performance.
On Monday morning, the currency of Canada was near the highest value it touched during the first half of this year. But some said the Bank of Canada actually prefers to see a weaker loonie because that is beneficial for exporters.
But a recent poll administered by Reuters suggested the loonie's heyday soon might drop off. The Canadian dollar is approaching what some said will be its highest value this year.
"We're expecting a pullback at this point," senior currency strategist Greg Moore with Royal Bank of Canada told Reuters on Monday. "In order for exports to truly pick up, and that being the key area that's expected to drive the economy in the coming years, it does mean the loonie should have to depreciate before we see some more sustainable growth."
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