The Canadian Dollar has seen gains against the US Dollar due to improvements in Canada's trade balance, with a surplus reported for December. While exports increased significantly, the annual trade deficit also widened. Notably, the U.S. remains crucial for Canada, contributing a large share of its trade. External factors, like the decline in U.S. ISM Services PMI, may create favorable conditions for the Canadian currency. However, ongoing global trade tensions and future U.S. economic data, such as the Nonfarm Payrolls report, could complicate the outlook for the Loonie.
The Canadian Dollar has strengthened against the US Dollar, supported by domestic trade improvements and external market dynamics.
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