Positive GDP Does Not Help Canadian Dollar to Gain

Canada’s economy maintained pace of its growth in September. The Canadian dollar attempted to rally on the positive data, but failed and now trades near the lowest level since October 2011 against its US counterpart.
Canada’s gross domestic product rose 0.3 percent in September on a monthly basis, the same rate of increase as in August. GDP increased 0.7 percent in the third quarter of 2013 after rising 0.4 percent in the second quarter. The loonie advanced at first after the report, but pared gains later, falling even against the weak yen.
The Canadian dollar was falling with other commodity currencies this week. The loonie was under pressure after the Bank of Canada failed to mention plans for raising interest rates during its latest monetary policy meeting.
USD/CAD rose from 1.0577 to 1.0606 and EUR/CAD advanced from 1.4394 to 1.4432 as of 17:36 GMT today. CAD/JPY ticked down from 96.66 to 96.53.

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