Foreign investors’ acquisitions of Canadian securities increased more-than-expected in May, reflecting strong foreign demand for Canadian assets, official data showed on Thursday.

In a report, Statistics Canada said that foreign investment increased by a seasonally adjusted C$21.43 billion in May, above expectations for purchases of C$14.23 billion.

Foreign investment was focused on longer-term debt instruments during the month.

At the same time, Canadian investors added C$2.0 billion of foreign securities to their holdings in the month, largely non-US instruments.

Following the release of the data, the Canadian dollar was higher against its U.S. counterpart, with USD/CAD dipping 0.04% to trade at 1.0738.

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