The Canadian dollar strengthened today, rising for the fourth straight day against its US counterpart, as the report showed that the Canadian economy grew more than forecast in the last quarter of 2010.
Canada’s gross domestic product rose 0.8 percent in the fourth quarter of the last year, led by exports, following a 0.4 percent gain in the previous quarter. The median forecast was 0.3 percent.
Steve Butler, director of
When you start talking about the Canadian dollar, youâve got to start talking about some pretty strong fundamentals. Itâs just one more piece of the puzzle that is putting pressure on the Bank of Canada to at least face up to reality that, at some point or another, theyâre going to have to give us another rate hike.
Canada was the first nation of the Group of Twenty to raise the interest rates.
USD/CAD dropped from 0.9774 to 0.9714 as of 23:46 GMT today. EUR/CAD traded at 1.3421 after opening at 1.3424 and jumping to 1.3545.
If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.
Be First to Comment