The Canadian dollar rose today, rallying for the second session against the US dollar and the euro, as the nation’s economy continued to grow in November. At the same time, the currency retreated versus the Japanese yen following yesterday’s advance.
Canadian gross domestic product expanded 0.2 percent in November after growing 0.3 percent in October. Analysts’ forecasts promised exactly such reading. It was the fifth consecutive month of growth.
The loonie experienced the worst January since at least 1972. The major reason for bearishness is the monetary policy of the central bank. Previously, the Bank of Canada was the most hawkish among banks of developed nations and was considering an interest rate hike. Now, the BoC does not think about raising interest rates and may even perform a rate cut.
USD/CAD was down from 1.1154 to close at 1.1136 after reaching 1.1223 — the highest price since July 2009. EUR/CAD declined from 1.5121 to 1.5018. Meanwhile, CAD/JPY dropped from 92.02 to 91.70 and it daily low of 91.05 was lowest since March 7.
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CAD Gains vs. USD & EUR, Ends Month Weak
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