Loonie rises after upbeat economic data

The Canadian dollar rose on Wednesday, after the release of upbeat economic data, amid optimism about the promising Covid-19 vaccines.

The American company Pfizer and the German firm BioNTech announced on Wednesday that the recent data from the final phase of the clinical trials on their Covid-19 vaccine showed it was 95% effective.

The company confirmed that its vaccine is effective in preventing the disease across all groups and ages, even the elderly.

Canada's consumer price index rose 0.4% in October, beating estimates of 0.2%, and the core reading of the same index rose 1.8% as expected.

AS of 17:23 GMT, CAD/USD rose 0.4% to 0.766, after hitting a high of 0.7667 and a low of 0.7623.