The Canadian dollar was worth more than its U.S. counterpart for the first time in a week after a government report showed the economy grew faster than forecast in November.
The currency rose against the majority of its most traded peers after the Canadian economy grew 0.3 percent to an annualized C$1.56 trillion ($1.56 trillion), following a prior gain of 0.1 percent, Statistics Canada said today in Ottawa. The median forecast in a Bloomberg economist survey was for a 0.2 percent expansion in the month. Canada’s currency has weakened 0.8 percent this month, the most since October.
“Slightly better-than-expected Canadian GDP data is assisting the Canadian dollar,” said John Curran, senior vice president at USForex Ltd., an online foreign exchange dealer, said by phone from Toronto. “We’re running into support levels for U.S., resistance for Canadian, right here, which would be right around the 200-day moving average.”
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.