The Canadian dollar edged higher against the U.S. dollar on Tuesday, helped by rising oil prices and trade data that pointed to a rebound in the domestic economy during the second quarter. The loonie traded 0.1% firmer at 1.4190 per U.S. dollar.
The loonie gained ground on Tuesday as two forces lined up in its favour: firmer oil prices and fresh Canadian trade figures. Against the U.S. dollar, the currency traded 0.1% higher at 1.4190, or 70.47 U.S. cents.
On Tuesday, oil prices rose, which helped lift the Canadian currency.
The trade data added to the picture. According to Reuters, the figures added to evidence that Canada's economy rebounded in the second quarter. Together, the rise in oil and the trade data supported the loonie against its U.S. counterpart.
The move was modest, at 0.1%, and it leaves the pair close to where it started the session.
Source: TradingView (Reuters) (snippet-based)
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