C$ strengthens to 2-1/2-month high as GDP tops forecasts
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The Canadian dollar touched its highest level against the U.S. dollar in two and a half months on Tuesday following the release of stronger-than-expected Canadian gross domestic product data that showed economic growth gained momentum in February.
Equity markets also rose, while the greenback slipped to a two-month low on expectations the U.S. Federal Reserve will continue its bond buying program and the European Central Bank may cut its benchmark interest rate following disappointing economic data. Both central banks will make policy announcements this week.
"It's a generally positive tone for risk assets today," said David Tulk, chief Canada macro strategist at TD Securities.
The Canadian dollar finished the North American trading session at C$1.0075 versus the U.S. dollar, or 99.26 U.S. cents, not far from the currency's 100-day moving average of C$1.0078. This was stronger than Monday's close at C$1.0116, or 98.85 U.S. cents.
Canada's dollar reached C$1.0054, or 99.46 U.S. cents earlier, its best performance against its U.S. counterpart since Feb. 15.
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