Investing.com - The U.S. dollar rose against its Canadian counterpart on Wednesday, boosted by strong U.S. data and as declining oil prices dampened demand for the commodity-related Canadian currency.
USD/CAD was up 0.22% at 1.2845 by 09:30 a.m. ET (13:30 GMT), the highest since November 2.
In a second estimate, official data showed that U.S. gross domestic product expanded by 3.3% in the third quarter, compared to an initial reading of 3.0%.
The upbeat report came a day after data showed that U.S. consumer confidence approached a 17-year high this month.
Investors were also encouraged by the fact that the U.S. Senate Budget Committee approved President Donald Trump's tax bill. A full Senate vote of the bill could now take place as soon as Thursday.
Meanwhile, the Canadian dollar was pressured lower by declining oil prices on Wednesday, as traders remained cautious ahead of the weekly U.S. crude inventory data due later in the day and a highly anticipated meeting of major oil producers scheduled on Thursday.
The loonie was also lower against the euro, with EUR/CAD up 0.20% at 1.5206.