Canadian Dollar Closes in on 6-year High as Inflation Concerns Ease

On Friday (5-21-21), the Canadian Dollar rose against its U.S. counterpart as investors worries about U.S. inflation eased, while Canadian domestic data showed retail sales climbing in March and the Canadian Dollar moving close to a six-year high — established earlier in the week and completing its eighth straight weekly advances. On Thursday, the Bank of Canada said Canada’s housing market and high household debt levels had left the economy more vulnerable to economic shocks. According to a Reuters poll of analysts, home prices in Canada will rise sharply in 2021, supported by ultra-low interest rates and robust demand driven by massive fiscal support.