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Canadian dollar holds on to gains in Asia forex trade

Forex movements in Asia were relatively muted on Tuesday as the biggest gains came from outside the region, courtesy Canada’s loonie.

The Australian dollar was making the largest gains against the greenback among major currencies in the region, up 0.2 per cent at $0.7558.

South Korea’s won shed 0.2 per cent against the dollar to Won1,129.15, while Japan’s yen weakened 0.1 per cent to ¥110.03.

Outside of Asia Pacific moves were relatively small with the exception of the Canadian dollar, which was up 0.4 per cent on its US counterpart at C$1.3278 on the back of growing signs Canada’s central bank could move to raise its key interest rates for the first time in almost seven years.

The pound remained below the $1.27 mark it had fallen below on Monday, trading basically flat on the day at $1.2652.

The dollar index was off 0.1 per cent at 97.234.