Canadian Dollar Ends Trading Higher on Strong GDP

The Canadian dollar rose against some of its most-trading peers on Friday but gains against the US dollar were limited while against the euro the loonie ended the session flat. The main reason for the currency’s rally was the strong GDP report.
Canada’s gross domestic product rose 0.5% in July after increasing 0.6% in June. That is compared to the median forecast of a 0.3% increase.
The Industrial Product Price Index fell 0.5% in August, more than analysts had predicted (0.1%). But its impact was negligible compared to that of the GDP data.
The Raw Materials Price Index fell as well, declining 0.7% in August. Yet the indicator was still better than forecasts that were promising a 1.0% drop.
USD/CAD ended the session at 1.3124 after opening at 1.3145. EUR/CAD ended virtually at its opening level of 1.4748. CAD/JPY rallied from 76.82 to close at 77.20 after falling to the low of 76.34 during the trading session.

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