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Canadian Dollar Bounces Back After Inflation Data

09:25, 17th April 2014

(RTTNews) - The Canadian dollar wiped out its early losses against other major currencies in New York morning deals on Thursday, as the nation's consumer price inflation improved in March.

Data from Statistics Canada showed that Canada's consumer price inflation rose to 1.5 percent on year in March, following a 1.1 percent increase in February. Economists were looking for the index to rise to 1.4 percent.

On month, the CPI was 0.6 percent, up from forecasts for a 0.4 percent increase. In February, the index came in at 0.8 percent.

The loonie climbed to 1.0990 against the greenback shortly after the data, from an early low of 1.1019. The next possible upside target for the loonie is seen around the 1.09 area.

The loonie rebounded to 93.03 from an early 2-day low of 92.59 against the yen. At yesterday's close, the pair was worth 92.84.

The Canadian unit reached as high as 1.0270 against the aussie, compared to Wednesday's closing quote of 1.0319. Continuation of uptrend may take the loonie to a resistance around the 1.02 zone.

The loonie climbed against the euro and traded around 1.5232, after having fallen to multi-week low of 1.5270 at 7:15 am ET. The loonie is likely to find resistance around the 1.51 region.

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