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Canadian dollar maintains momentum against greenback

The Canadian dollar continued to strengthen against its US counterpart during Asia trade on Wednesday after comments earlier this week from central bank officials suggested a rate rise later this year.

The loonie was 0.2 per cent stronger at C$1.3221, a four-month high against the dollar. The Canadian dollar has been strengthening against the dollar following comments made on Monday by the senior deputy governor at the Bank of Canada that were viewed as increasing the likelihood the central bank would raise rates later this year.

The dollar index, which tracks the greenback against a basket of peers was flat at 96.955. The Japanese yen was likewise flat at ¥110.02.

Sterling, too, was flat against the dollar at $1.2750 after strengthening 0.8 per cent on Tuesday.

The South Korean won was 0.2 per cent stronger against the dollar at Won1125.77 as data showed unemployment in the country dipped to the equal-lowest level so far in 2017.