Canadian Dollar Outperforms Its U.S. Rival

On Wednesday, the U.S. dollar fell against its northern rival. At the moment, the greenback is trading at 0.9708, or 0.159% below yesterday's close. The Canadian dollar responded positively to strong economic data. According to Statistics Canada, Canada's

index rose by 0.8% in April, when most analysts expected a rise of 0.6%. In March, the index rose 0.6%. The index measures overall economic health by combining 10 indicators such as building permits, new orders, money supply, average workweek. Traders who believe the Canadian economy will continue to be strong will be interested in keeping long positions on the Canadian dollar. As a result, they will keep an eye on ETFS Long Canadian Dollar Short US Dollar ETC (Sterling) ETF (CADP).