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Forex News: Canadian Dollar Climbs After Upbeat GDP Data

Canadian Dollar Climbs After Upbeat GDP Data

01/29/2021 - 09:42:00 (RTTNews)

(RTTNews) - The Canadian dollar was higher against its major counterparts in the European session on Friday, as a data showed that Canadian economy grew more than expected in November.

Data from Statistics Canada showed that real gross domestic product climbed by 0.7 percent in November, following a 0.4 percent increase in October.

Economists had forecast a 0.4 percent growth.

GDP is expected to grow 0.3 percent in December and 1.9 percent in the fourth quarter of 2020.

The flash estimate pointed to a 5.1 percent fall in the GDP growth for the year.

Oil prices rose after solid GDP data from Germany and France.

The loonie reached as high as 1.5495 against the euro, up from a low of 1.5581 set at 5:15 am ET. On the upside, 1.52 is likely seen as the next resistance level for the loonie.

The loonie spiked up to an 8-day high of 82.11 against the yen and a 2-day high 1.2750 against the greenback, following its prior lows of 81.15 and 1.2875, respectively. The loonie is poised to face resistance around 84.00 against the yen and 1.25 against the greenback.

After falling to more than a 2-week low of 0.9854 in the Asian session, the loonie edged up to 0.9802 against the aussie. Should the loonie rises further, 0.96 is likely seen as its next resistance level.

The University of Michigan's final consumer sentiment index for January and U.S. pending home sales for December are due out 10:00 am ET.

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