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A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto in this January 23, 2015, file photo. The Canadian dollar pared earlier session losses against its U.S. counterpart on Tuesday, strengthening after data showed January growth was better than feared. REUTERS/Mark Blinch/Files

MARK BLINCH/REUTERS

The Canadian dollar closed at 76.45 cents (U.S.) on Thursday, up 0.17 cents (U.S.) from Wednesday's close of 76.28 cents (U.S.)

The loonie was up despite the Toronto Stock Exchange dipping to its lowest level of 2015 due to continued pressure on oil prices.

The TSX closed down 299 points or 2.1 per cent. Oil did close up 0.34 cents (U.S) on Thursday, but only after hitting a 10-year low of $40.21 (U.S.) in early trading. West Texas Intermediate (WTI) crude settled at $41.14 (U.S) on Thursday.

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The Canadian dollar was finding support from softening expectations of a Federal Reserve rate hike in September. Fed members suggested in minutes released this week from their last policy meeting that they were looking for more favourable inflationary data before raising rates.

The Canadian dollar received another boost at the beginning of Thursday's trading day.  Statistics Canada reported wholesale trade rebounded in June 2015, rising 1.3 per cent, after a drop in May.

On Friday, currency traders will be looking ahead to Statistics Canada's highly anticipated Consumer Price Index (CPI) and retails sales. CPI could give market players hints if additional easing of monetary policy is required from the Bank of Canada.

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