The Canadian dollar edged up against other major currencies on Monday in New York following the release of Canada's composite leading index data. The loonie climbed to a new multi-week high against the yen and a multi-day high versus the euro.
Canada's composite leading index for February fell 1.1% after a 0.9% decrease in January, with 9 of the 10 components declining, according to data released by Statistics Canada.
Traders also reacted to details of the U.S. government plan to subsidize private investors' purchase of as much as $1 trillion in toxic assets on the books of troubled banks.
Extending previous session's uptrend, the Canadian currency advanced further against the Japanese yen in New York deals on Monday. The loonie jumped to a new multi-week high of 79.09 versus the yen at about 11:55 am ET, compared to Friday's close of 77.22. As of now, the pair is worth 78.79.
The loonie ticked up against euro. At 10:00 am ET, the Canadian dollar hit a 5-day high of 1.6659 versus the euro. Currently, the pair is trading at 1.6749.
Against the US dollar, the loonie also showed strength and climbed to 1.2298 by about 11:05 am ET. The pair is trading at 1.2347 in mid-day deals.
According to a report released by the US National Association of Realtors on Monday, existing home sales rose 5.1 percent to a seasonally adjusted annual rate of 4.72 million units in February from a pace of 4.49 million units in January. Economists had expected sales to slip to a 4.45 million unit rate.
After trading down in early European trading, the loonie gained ground against its British counterpart. The Canadian dollar surged to 1.7793 against the pound by about 11:05 am ET from recent multi-day low of 1.8054. At present, the loonie is worth 1.7893 versus the sterling.
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