Forex – USD/CAD Near 4-Week Highs Despite Upbeat Canadian Data

Greenback supported vs. loonie, hovers near 4-week highs – The U.S. dollar was hovering near four-week high against its Canadian counterpart on Wednesday, despite the release of upbeat Canadian housing sector data, as sentiment on the greenback remained broadly positive.

was up 0.30% at 1.2529 by 09:30 a.m. ET (13:30 GMT), just off the previous session’s almost four-week peak of 1.2567.

Statistics Canada reported on Wednesday that building permits rose more than expected by in December.

Meanwhile, traders were still digesting the following the release of strong last Friday, which sparked concerns over rising inflation, sending bond yields sharply higher.

The index was particularly hit on Monday, when it recorded its worst daily point drop in history.

The loonie was little changed against the euro, with at 1.5456.

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