The Canadian dollar extended its recent rally against its major counterparts on Wednesday morning in New York after the Canada Mortgage and Housing Corporation data revealed that the seasonally adjusted annual rate of housing starts in Canada increased to 154,700 units in March from 136,100 units in February.

The loonie jumped to a 4-week high of 1.632 against the euro and a 2-day high of 1.2316 against the US dollar by 8:30 am ET. The Canadian currency also drifted higher to 81.45 against the yen during this time.

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