Canadian dollar rises on positive economic data

Loonie rose against US dollar on Thursday, supported by positive economic data, as the markets anticipate the Federal Reserve's decision in the United States.

Consumer price inflation in Canada rose 0.4% in May, while analysts expected the index to rise just 0.1%.

Canadian Prime Minister, Justin Trudeau, announced today the approval of the project to expand the controversial "Trans Mountain" pipeline to transport oil to the coast of the country in order to export it abroad.

The date of completion of this project has not yet been set, although it is agreed to proceed with its implementation, and the date of the first shipment of oil exported through this line was not disclosed.

The Federal Reserve will release its interest rate decision later today, and expectations are for it to keep interest rates unchanged despite suggesting a cut this year.

Following the decision, Federal Reserve Chairman Jerome Powell will hold a press conference to discuss the central bank's plan on monetary policy as well as touching the economic conditions both domestically and globally.

In terms of trading, by 15:55 GMT, CAD/USD rose by 0.2% to 0.7494, and recorded the highest price at 0.7502 and the lowest price at 0.7467.