Canadian Dollar Advances to 3-Week High on U.S. Inflation Data
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The Canadian dollar reached the strongest level in three weeks against its U.S. peer as a report showed American inflation is contained, giving the Federal Reserve scope to maintain its monetary stimulus program.
Canada’s currency pared its gain after the nation’s existing home sales fell 2.1 percent in February from the previous month, the Canadian Real Estate Association said. The Canadian dollar had its first five-day gain in six weeks against the greenback after touching an eight-month low on March 1, boosted by data March 8 that showed both the U.S. and Canada created more jobs than estimated in February. Fed policy makers meet next week to review the bank’s bond-buying program.