Canadian Dollar Strengthens Third Day as RBA Lowers Target Rate
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Canada’s dollar gained against its U.S. counterpart for a third day as the Reserve Bank of Australia cut its benchmark interest rate to a record 2.75 percent, intensifying the search for higher-yielding assets.
The loonie, as the currency is nicknamed for the image of the waterfowl on the C$1 coin, gained against the majority of its most-traded peers as German factory orders unexpectedly increased in March, suggesting the region’s largest economy is starting to grow again and spurring risk appetite.