Investing.com - The U.S. dollar rose against its Canadian counterpart on Tuesday, re-approaching the previous week's five-year high as strong U.S. third quarter economic growth data sent the greenback broadly higher.
Trading volumes were expected to remain light this week with many investors away for the Christmas holiday and ahead of the New Year's holiday.
USD/CAD hit 1.1657 during early U.S. trade, the pair's highest since December 17; the pair subsequently consolidated at 1.1666, gaining 0.26%.
The pair was likely to find support at 1.1575, Monday's low and resistance at 1.1676, the high of December 16 and a five-year peak.
Final data showed that U.S. gross domestic product rose 5.0% in the third quarter, exceeding expectations for a growth rate of 4.3% and up from 3.9% in the three months to June.
A separate report showed that U.S. durable goods orders slipped 0.7% last month, confounding expectations for a 3.0% increase, after a 0.3% rise in October.
Core durable goods orders, which exclude transportation items, fell 0.4% in November after a 1.0% decline in October, whose figure was revised from a previously estimated 1.1% drop.
Analysts had expected core durable goods orders to gain 1.1% last month.
The greenback also remained broadly supported after the Federal Reserve signaled last week that it was on track to raise interest rates next year but said it was taking a patient stance.
In Canada, official data showed that the economy grew at a 0.3% rate in October, beating expectations for a growth rate of 0.1% and down from 0.4% in September.
The loonie was higher against the euro, with EUR/CAD slipping 0.12% to 1.4210.
Later in the day, the U.S. was to release data on consumer sentiment and new home sales.