Canadian dollar extends gains on upbeat data

The Canadian dollar rose on Wednesday, after the release of strong economic data.

The Canadian consumer price index rose 0.8% in June, higher than estimates of 0.4% after rising 0.3% in May, and the core reading for the index (excluding energy and food prices) rose 0.4% after dropping 0.1% in May.

The Canadian government is currently doing everything it can to prevent a second coronavirus wave.

Canada's Prime Minister Justin Trudeau said earlier that his country handled the novel coronavirus outbreak better than many of its allies, including the United States.

Drug companies, medical centers, and governments around the world are racing end for the coronavirus crisis, after announcements of the promising vaccines trails, and the US announced an agreement with Pfizer and BioNTech to provide 100 million doses of their coronavirus vaccine.

As of 16:34 GMT, CAD/USD rose 0.4% to 0.7457, after hitting an intraday high of 0.7463 and a low of 0.7416.