The Canadian dollar was trading high when the expectations rose regarding the Bank of Canada interest rate hike. The loonie surged to its highest in more than a year on Wednesday, July 12, after the central bank raised its interest rate for the first time in almost seven years to 0.75 percent.
It also benefited from comments by U.S. Federal Reserve chair Janet Yellen on Wednesday, who said the U.S. central bank may go softer with monetary policy than it previously thought.
Bank of Canada governor Stephen Poloz was positive about the economy, commenting that it is stepping into the road to recovery and would remain positive. It has indeed raised some good vibes among consumers.
New house prices in Canada climbed 0.7 percent in May, more than economists forecast, according to Statistics Canada.
Job vacancies rose by 17.5 percent to 58,000 from the first quarter of 2016 to 388,000 in the first quarter of 2017. The job vacancy rate increased 0.4 percentage points to 2.5 percent over the same period, according to the national statistical agency of Canada.
The Canadian dollar edged lower on Thursday against its U.S. counterpart, but by the end consolidated its gain.
The USD/CAD pair was up by 0.07 percent at 1.2731, or 78.55 us cents down by 0.08 percent.
