Canadian Dollar Rises on High-Yielding Renewed Attractiveness

The Canadian currency climbed today as Goldman Sachs posted higher than expected earnings, bringing confidence to traders to purchase high-yielding assets in equity markets, consequently raising attractiveness for the loonie.

The Canadian dollar reached a 3-week high price as a U.S. report showed that retail sales increased in June more than expected, making the loonie to climb for the second day in a row, after posting 6 weeks of losses against the U.S. dollar, having one of the most volatile years of the currency so far. This weeks evidences that an economic recovery might be on its way helped the loonie to pare some of its losses, as investors are less risk averse since Monday.

USD/CAD traded at 1.1326 as of 21:46 GMT falling from a previous rate of 1.1555. CAD/JPY traded at 82.47 from a previous rate of 80.65.

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