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Macroeconomic Indicators Helpful for Loonie

May 8, 2014 at 22:57 by Vladimir Vyun

Some Canadian dollar billsThe Canadian dollar climbed today as the positive housing data increased the appeal of the currency and the optimistic outlook for tomorrow’s employment report made the loonie even more attractive for Forex traders.

Canadian housing starts rose to 194,809 units in April from 156,592 in March. The actual figure is above market expectations. Analysts predict that tomorrow’s employment data will show an increase by 12,800. Oil prices were falling today, putting pressure on the loonie, but this did not prevent the currency from rising.

USD/CAD slumped from 1.0898 to 1.0831 as of 22:55 GMT today. CAD/JPY climbed from 93.47 to 93.78.

If you have any questions, comments, or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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