The Canadian dollar climbed today with the help of an economic report that showed faster-than-expected growth of Canada’s economy at the end of the last year. The positive surprise made the currency gain against other majors.
Canada’s gross domestic product expanded by 0.3 percent in December from the previous month, exceeding market expectations. GDP grew by 0.6 percent in the last quarter of 2014 from the previous three months. Not all the reports were positive as both the Industrial Product Price Index and the Raw Materials Price Index fell in January.
While the data was mixed, traders preferred to pay attention to the good part. As a result, the Canadian dollar jumped, reaching the highest level since February 18 versus the Japanese yen and the strongest since January 26 against the euro.
USD/CAD dropped from 1.2535 to 1.2446 as of 16:08 GMT today. EUR/CAD tumbled from 1.4017 to 1.3928, touching the daily low of 1.3889. CAD/JPY advanced from 95.82 to 95.99.
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