Canada’s dollar strengthened the most in almost a month after improved trade data from China and Germany added to signs the global economy is recovering, fueling speculation demand for the nation’s commodities will increase.
The currency advanced for the first time in three days as reports showed Chinese exports climbed more than forecast and German (GRBTEXMM) exports rose. It extended gains after initial jobless-benefits claims in the U.S., Canada’s biggest trade partner, fell over the past month to the lowest in more than five years. Metals rallied.
“The Canadian dollar has been the laggard for the last week or so,” said Adam Button, a currency analyst in Montreal at forexlive.com. “With the Chinese (CNFREXPY) data overnight and a stronger outlook for commodities, the Canadian dollar is better positioned.”
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