31st Mar 2014 13:12
CANBERA (Alliance News) - The Canadian dollar moved up against other major currencies on Monday, as the nation's economy grew more-than-expected in January.
The data from Statistics Canada showed that Canada's gross domestic product rose 0.5% on month in January, followed by a 0.5% decline in December. This is up from forecasts for a 4% increase.
On year, the GDP rose 2.5%, higher than December's 2.3% growth.
Resuming early rally, the loonie firmed to 93.83 against the yen, its highest since March 7. The loonie may face resistance around the 95.00 zone.
The loonie edged up to 1.1001 against the greenback, heading to break yesterday's highest peak since March 7. The loonie's further uptrend may take it to resistance at the 1.095 region.
The loonie recovered to 1.5169 against the euro, off early 4-day low of 1.5260. The next possible upside target for the loonie is seen around the 1.50 zone.
The loonie touched a weekly high of 1.0161 against the aussie, up from Friday's closing quote of 1.0226. If the loonie extends gain, it is likely to eye resistance around parity level.
Copyright RTT News/dpa-AFX