The Canadian dollar is climbing

The Canadian dollar is climbing.

The currency is up by 0.9% at 1.3313 per dollar as of 7:55 a.m. ET.

“For its part, the Canadian dollar is through its 20-day moving average (~CAD 1.3380) for the first time since December 15,” Marc Chandler, global head of currency strategy, wrote.

“At CAD 1.3340 the greenback has retraced 50% of the gains since December 14 FOMC rate decision day,” he added.

As for the rest of the world, here’s the scoreboard as of 8:11 a.m. ET:

  • The euro is up by 0.3% at 1.0433 against the dollar after a flash estimate from Eurostat showed that annual inflation in the euro area rose by 1.1% year-over-year in December. Energy saw the highest increase out of the main components, jumping by 2.5%.
  • The British pound is higher by 0.4% at 1.2283 against the dollar after construction PMI rose to 54.2 in December, above the forecast 52.8. “UK construction companies signalled a positive end to the year, led by the fastest rise in new order volumes since January 2016,” a release from IHS Markit said.
  • The Japanese yen is stronger by 0.2% at 117.54 per dollar. Separately, Chief Cabinet Secretary Yoshihide Suga said on a TV program that the government should respond firmly to excessive moves in the foreign exchange market, according to Reuters.
  • The US dollar index is down 0.3% at 102.91. The minutes from the December 14 FOMC meeting, when the Fed hiked rates for the second time since the financial crisis, will be out at 2 p.m. ET.
  • The Russian ruble is up by 0.2% at 60.7783 per dollar while Brent crude oil, the international benchmark, is up higher by 0.4% at $55.69 per barrel.

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