Investing.com – The Canadian dollar rose to an 8-day high against its U.S. counterpart on Wednesday, following a better-than-expected report on Canada's GDP and disappointing U.S. jobs data.
During European afternoon trade, USD/CAD sank to 1.0129, its lowest since March 19. The pair subsequently consolidated around 1.0151, shedding 0.49%.
USD/CAD was likely to find support at 1.0062, the low of March 19, and resistance at 1.0442, the high of March 2.
Earlier in the day, Canada's statistics agency said the country's economy grew 0.6% in January compared with December, led by widespread gains in manufacturing. Economists had expected growth of only 0.5%.
Also Wednesday, a closely watched report showed that U.S. nonfarm private employment dropped unexpectedly in March.
Meanwhile, the loonie also surged versus the yen, with CAD/JPY jumping 0.88% to hit 91.74.
During European afternoon trade, USD/CAD sank to 1.0129, its lowest since March 19. The pair subsequently consolidated around 1.0151, shedding 0.49%.
USD/CAD was likely to find support at 1.0062, the low of March 19, and resistance at 1.0442, the high of March 2.
Earlier in the day, Canada's statistics agency said the country's economy grew 0.6% in January compared with December, led by widespread gains in manufacturing. Economists had expected growth of only 0.5%.
Also Wednesday, a closely watched report showed that U.S. nonfarm private employment dropped unexpectedly in March.
Meanwhile, the loonie also surged versus the yen, with CAD/JPY jumping 0.88% to hit 91.74.