Canadian Dollar Gains as U.S. Economic Data Boosts Risk Appetite
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The Canadian dollar rose from an almost two-week low against its U.S. counterpart as government data bolstered growth prospects for the world’s largest economy, the nation’s biggest trading partner.
The loonie, as the currency is nicknamed, gained as U.S. housing starts climbed 12.1 percent last month, exceeding all forecasts in a Bloomberg survey of economists, and weekly jobless claims were lower than projected. A report showed foreign purchases of Canadian securities slowed in November, with the fifth straight net acquisition blunted by a decline in demand for bonds.