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The Canadian dollar edged higher against its U.S. counterpart on Thursday, steadying after it hit a 1-1/2-year low on Wednesday, as the greenback broadly declined and domestic data showed increases in jobs and wholesale trade. Canadian wholesale trade increased by 1.0 per cent in October from September, as stronger sales in the machinery, equipment and supplies subsector led the gains, Statistics Canada said. Analysts had forecast a 0.4 per cent increase. A separate report from ADP showed that Canada added 39,100 jobs in November, with broad-based gains across industries led by a pickup in hiring in trade, transportation and utilities. The U.S. dollar fell to a one-month low against a basket of six major currencies on growing concerns the Federal Reserve may be raising interest rates just as the world’s biggest economy faces a slowdown. The Fed on Wednesday delivered its fourth rate hike of 2018 and forecast further tightening next year. At 9:02 a.m., the Canadian dollar was trading 0.1 per cent higher at 1.3469 to the greenback, or 74.24 U.S. cents. The currency, which touched on Wednesday its weakest level since June 2017 at 1.3507, traded in a range of 1.3447 to 1.3504. The loonie rose despite […]
