Canadian Dollar Climbs After Upbeat GDP Data
The Canadian dollar was higher against its major counterparts in
the European session on Friday, as a data showed that Canadian
economy grew more than expected in November.
Data from Statistics Canada showed that real gross domestic
product climbed by 0.7 percent in November, following a 0.4 percent
increase in October.
Economists had forecast a 0.4 percent growth.
GDP is expected to grow 0.3 percent in December and 1.9 percent
in the fourth quarter of 2020.
The flash estimate pointed to a 5.1 percent fall in the GDP
growth for the year.
Oil prices rose after solid GDP data from Germany and
The loonie reached as high as 1.5495 against the euro, up from a
low of 1.5581 set at 5:15 am ET. On the upside, 1.52 is likely seen
as the next resistance level for the loonie.
The loonie spiked up to an 8-day high of 82.11 against the yen
and a 2-day high 1.2750 against the greenback, following its prior
lows of 81.15 and 1.2875, respectively. The loonie is poised to
face resistance around 84.00 against the yen and 1.25 against the
After falling to more than a 2-week low of 0.9854 in the Asian
session, the loonie edged up to 0.9802 against the aussie. Should
the loonie rises further, 0.96 is likely seen as its next
The University of Michigan's final consumer sentiment index for
January and U.S. pending home sales for December are due out 10:00