The Canadian dollar gained from its lowest level in almost a week after a report showed the euro area’s economy emerged from a record-long recession, adding to prospects for global growth and Canada’s commodity exports.
The currency rose for the first time in three days as data showed Canadian home prices gained last month from the lowest since 2009. The European report followed data last week that showed increases in factory production, imports and exports in July in China, the world’s second-biggest economy. Canada’s 10-year government bonds were little changed, with yields almost at a two-year high, after a government auction of the securities.
“Commodity currencies in general are stronger today on optimism about Europe,” Adam Button, a currency analyst at forexlive.com, said by phone from Montreal. “The Canadian dollar is benefiting from better sentiment on growth.”
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