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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

CANADA FX DEBT-Canadian dollar advances as investors favor goods exporters

Friday, January 15, 2021 > 09:57:51
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The Canadian dollar climbed to a near three-year high against its U.S. counterpart on Thursday, bolstered by higher oil prices and the strengthening of currencies that benefit from rising demand for goods exports.



The loonie was trading 0.4% higher at 1.2638 to the greenback, or 79.13 U.S. cents. It touched its strongest since April 2018 at 1.2625.



Export-oriented economies, such as those in Asia, "that are goods-intensive have tended to see their currencies outperform," said Mazen Issa, a senior FX strategist at TD Securities. "CAD is getting pulled along for the ride."



Analysts expect vaccine rollouts and a rebound in exports to lead the recovery for trade-reliant Asian economies in 2021. On Wednesday, the Taiwan dollar notched a 23-1/2-year high at 27.938.



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