Canadian Dollar Moves Up As GDP Rises To 1-yr High
April 29 2022 - 4:51AM
RTTF2
The Canadian dollar was higher against its major counterparts in
the European session on Friday, as a data showed that Canadian
economy expanded at the fastest pace since March 2021 in
February.
Data from Statistics Canada showed that real gross domestic
product climbed by 1.1 percent in February, following a 0.2 percent
increase in January.
Economists had forecast a 0.8 percent growth.
The strong data boosted hopes that the Bank of Canada will
deliver another aggressive rate hike at the meeting in June.
Oil prices rose amid prospects of a ban on Russian crude imports
to the European Union as Germany has dropped its opposition to the
plan.
The loonie climbed to 1.2719 against the greenback, marking a
3-day high. If the loonie rises further, it may find resistance
around the 1.25 level.
The loonie touched 1.3388 against the euro, its strongest level
since April 2015. On the upside, 1.32 is likely seen as the next
resistance level for the loonie.
The loonie rebounded to 0.9103 against the aussie, from a low of
0.9143 it touched at 7:35 am ET. The loonie is seen finding
resistance around the 0.90 level.
The loonie was higher against the yen, with the pair trading at
102.41. The next possible resistance for the loonie is seen around
the 105.00 level.
Looking ahead, University of Michigan's final consumer sentiment
index for April will be featured in the New York session.
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