The Canadian dollar gained for the first time in five days versus its U.S. counterpart after American industrial production dropped in April by the most in eight months.
The currency advanced against the majority of its 16 most-traded peers as output at U.S. factories, mines and utilities fell a more-than-forecast 0.5 percent after a revised 0.3 percent gain in the prior month that was weaker than previously reported, a report from the Federal Reserve showed in Washington. Canada’s dollar fell to an almost three-week low earlier as the nation’s factory sales unexpectedly dropped for the third time in four months
The U.S. “dollar has softened a little bit across the board on the back of the weaker U.S. data,” David Bradley, director of foreign exchange trading at Bank of Nova Scotia (BNS)’s Scotia Capital unit, said by phone from Toronto. “We’re just in an adjustment process now where softness in the Canadian dollar is catching up to where the rest of the world is.”
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