Posted On: August 16, 2012
The value of the monetary unit of Canada was minimally changed against its southerly rival on Thursday, according to
One day earlier, the Canadian dollar pushed past $1.01 against the world's reserve currency for the first time since the beginning of this past May. But some investors were resistant on Thursday, putting the kibosh on the currency's upward gains.
"It definitely is feeling the pressure of continued selling," managing director of foreign exchange
sales C.J. Gavsie with BMO Capital Markets told Reuters. "It seems as though investors take their foot off the gas every time we do reach the previous lows."
The Canadian dollar's performance has been akin to that of the U.S. dollar as of late, and improved economic data has been beneficial to the greenback. The U.S. dollar gained on Wednesday after economic data demonstrated industrial production increased last month more quickly than it has since April.
But the loonie's climbs were minimized by economic data indicating manufacturing sales dropped 0.4 percent in June, The Wall Street Journal reports
Category: Industry News
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