Investing.com - The Canadian dollar surged against its U.S. counterpart on Monday, ahead of the release of key data on Canada's GDP and personal spending and the manufacturing sector in the United States.
During European morning trade, USD/CAD hit 1.0495, its lowest rate since Tuesday; it subsequently consolidated around 1.0507, shedding 0.1%. The pair was likely to find support at 1.0369, last Monday's low, and resistance at 1.0679, Thursday's high.
The Canadian dollar also surged against the pound, with GBP/CAD losing 0.8% to hit 1.5895.
Later in the day, industry groups were set to release data on purchasing managers' indices for the manufacturing sectors in the euro zone, Britain and the United States. The European Union was also due to publish data on the euro zone's unemployment rate, which economists forecast to rise from 10% to 10.1%.
Also Monday, Canada was due to release monthly data on its GDP, which was expected to remain steady at 0.4%.