Canadian Dollar on longest winning streak since April
Bloomberg News | 13/07/24 8:46 AM ET
The Canadian dollar rose for a fifth day, its longest streak since April, after the biggest gain in retail sales in three years sparked bets for faster economic growth this year.
The currency strengthened against the majority of its 16 most-traded peers after a report yesterday showed sales in May increased 1.9 percent, almost double the highest forecast in a Bloomberg survey of 20 economists, which had a median projection of 0.4 percent. Canada will report May gross domestic product figures next week. The currency has risen from its lowest point in almost two years reached July 5.
“Definitely for the Canadian dollar, we’ve priced in all the bad data we possible could,” said Eimear Daly, a currency market analyst at Monex Europe Ltd., by phone from London. “There’s upside for it and we’re going to see more upside moves.”
The loonie, as the Canadian dollar is known, rose 0.2 percent to C$1.0269 per U.S. dollar at 8:12 a.m. in Toronto. It touched C$1.0263, its highest point since June 19. One loonie buys 97.38 U.S. cents.
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