USD/CAD Moves to 1.0150 as China Growth Boosts Demand

The Canadian dollar reached a five- week high against its U.S. counterpart as Chinese data showed growth for the world’s biggest consumer of metals and energy and supported the currencies of commodity-exporting nations.

The loonie, as the currency is nicknamed, pared its advance as commodities prices erased gains and before employment data and central-bank policy statements later this week. China’s manufacturing expanded to an 11-month high, according to the Beijing-based National Bureau of Statistics and China Federation of Logistics and Purchasing April 1. Australia’s central bank kept its benchmark interest rate unchanged to match a half- century low in response to a recovery in household spending.

“Today’s move was in line with the better performance of commodity currencies,” Greg T. Moore, currency strategist at Toronto-Dominion Bank, said by phone from Toronto. “There is a little bit further room for extension before headwinds start to send it lower.”

Bloomberg

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