Canadian dollar advances with euro

The value of the Canadian dollar gained on Wednesday after a policy maker with the European Central Bank said enhancing the bailout fund's strength is strongly supported, according to Reuters.

Ewald Nowotny with the financial institution's governing council said bestowing the permanent rescue fund with a banking license is reasonable. The fund then may borrow money from the ECB as the sovereign debt crisis continues thrashing about in the 17-nation block. Fiscal problems with Spain are rapidly mounting and the nation is believed to be nearing solicitation of a full bailout.

"That gave markets a bit of a boost pretty much across the board and that enabled them to overlook the ... poor data overnight," senior economist and foreign exchange strategist Benjamin Reitzes with BMO Capital Markets told the news source.

The loonie headed up in value after hovering near its lowest price in two weeks against the U.S. dollar as it tracked the upward drive of the euro.

Conjecture about central banks boosting monetary stimulus to prompt economic growth also benefited the Canadian dollar, according to Bloomberg.