Canadian dollar edges higher on positive economic data

Loonie rose against the US dollar on Wednesday, after the release of strong data, and news of the coronavirus outbreak slowing down in China.

Data showed that the Canadian CPI rose by 0.3% in January, beating estimates of 0.2%, and the core CPI (excluding fuel and food prices) rose by 0.4% vs. a contraction by 0.4% on December.

China revealed that the numbers of infected cases of the coronavirus rose by 1720 cases, the lowest daily increase, boosting hopes about containing the virus spread.

Investors are anticipating the release of the Federal Reserve minutes of its last meeting later today, which provides insight on the US monetary policy.

At 15:52 GMT, CAD/USD rose by 0.1% to trade at 0.7548, after the pair hit an intraday high of 0.7571 and a low of 0.7536.