The Canadian dollar firmed modestly against the greenback on Thursday after data showed domestic manufacturing sales rose in March for the third month in a row.
The Canadian dollar stuck to its recent trading range and analysts think it is likely to remain around either side of C$1.10 against the U.S. unit in the near-term. Manufacturing sales rose by 0.4 percent, which was a 0.1 rise over what the economists had been expecting.
The benefit to the loonie was mitigated as attention was diverted by economic data out of the United States that mostly pointed to a firming economy south of the border, analysts said.
“The broader view on U.S. dollar-Canadian dollar is really still that we’re tracing out this wide neutral range for the time being,” said Greg Moore, senior currency strategist at Royal Bank of Canada in Toronto.
The Canadian dollar ended the North American session at C$1.0877 to the greenback, or 91.94 U.S. cents, slightly stronger than Wednesday’s close of C$1.0882, or 91.89 U.S. cents.
The euro fell against the Canadian dollar after data showed the euro zone economy grew much less than expected in the first quarter. The data supported expectations the European Central Bank will ease monetary policy at its June meeting and sent the euro to C$1.4907.The Canadian dollar firmed modestly against the greenback on Thursday after data showed domestic manufacturing sales rose in March for the third month in a row.
The Canadian dollar stuck to its recent trading range and analysts think it is likely to remain around either side of C$1.10 against the U.S. unit in the near-term. Manufacturing sales rose by 0.4 percent, which was a 0.1 rise over what the economists had been expecting.
The benefit to the loonie was mitigated as attention was diverted by economic data out of the United States that mostly pointed to a firming economy south of the border, analysts said.
“The broader view on U.S. dollar-Canadian dollar is really still that we’re tracing out this wide neutral range for the time being,” said Greg Moore, senior currency strategist at Royal Bank of Canada in Toronto.
The Canadian dollar ended the North American session at C$1.0877 to the greenback, or 91.94 U.S. cents, slightly stronger than Wednesday’s close of C$1.0882, or 91.89 U.S. cents.
The euro fell against the Canadian dollar after data showed the euro zone economy grew much less than expected in the first quarter. The data supported expectations the European Central Bank will ease monetary policy at its June meeting and sent the euro to C$1.4907.
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