Encouraging figures from Statistics Canada on Friday gave the Canadian dollar a boost of more than 0.50% against its American counterpart.
According to Statistics Canada, consumer prices rose 3.0% YoY in July. The metric was well above analysts’ forecasts of 2.5%.
Currency speculators and market participants also reacted well to the large increase in foreign investment into Canadian securities, which came in at 11.55 billion for the month of June. Analysts had only predicted 4.91 billion!
The CAD was up close to 0.58% against the dollar at the height of Friday's surge, trading at 1.306 CAD per USD.
At press time, the USD/CAD currency pair has stabilized around 1.3085.
