The Canadian dollar attempted to rally against its US rival during the current trading session but has failed and is trading near the opening level right now. The currency was also flat against the Japanese yen but fell versus the euro.
Canada’s gross domestic product demonstrated growth by 0.6% in January, two times the rate of growth that had been forecast by analysts. GDP expanded by just 0.2% in the previous reporting period.
Also helping the Canadian currency were crude oil prices. While oil was down earlier, now it trades with substantial gains.
Yet despite all the positive factors, the loonie failed to rally, struggling to stay above the opening level versus the greenback and the yen.
USD/CAD traded near the opening level of 1.2963 as of 16:22 GMT today after falling to 1.2864 earlier. EUR/CAD rallied from 1.4696 to 1.4764. CAD/JPY was near the opening of 86.68.
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