Canadian Dollar Hits 11-Day High Despite Weak GDP Data
The loonie hit an 11-day high as a weak U.S. dollar offset a 0.6% GDP contraction. Prime Minister Mark Carney starts trade talks in India to boost growth.
The Canadian dollar surged to an 11-day high on Friday, erasing the majority of its monthly losses as a broad retreat in the greenback outweighed disappointing domestic economic data. The USD/CAD currency pair fell as the loonie rose 0.4% to 1.3630 per U.S. dollar, its strongest level since mid-February. Among major global currencies, only the safe-haven Switzerland franc recorded more significant gains during the session.
The decline in the United States dollar was partly driven by a rally in precious metals. Gold climbed to nearly a one-month high, bolstered by heightened geopolitical uncertainty as officials from the U.S. and Iran extended nuclear negotiations.
