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Forex - USD/CAD tumbles over 1% after strong Canadian data

ForexDec 01, 2017 09:39AM ET
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© Reuters. Greenback drops sharply against broadly stronger loonie

Investing.com - The U.S. dollar tumbled against its Canadian counterpart on Friday, pulling away from a one-month high as the release of strong Canadian economic growth and employment data lent broad support to the local currency.

USD/CAD was down 1.09% at 1.2756 by 09:30 a.m. ET (13:30 GMT), off the previous session's one-month peak of 1.2910.

Statistics Canada reported on Friday that gross domestic product expanded by 0.2% in September, compared to expectations for 0.1%.

A separate report showed that the number of employed people increased by 79,500 last month, beating expectations for a 10,000 rise.

The unemployment rate fell to 5.9% in November from 6.3% the previous month, confounding expectations for a downtick to 6.2%.

Meanwhile, sentiment on the greenback remained vulnerable after the U.S. Senate on Thursday evening delayed a vote on the tax reform bill until Friday as a key element of the bill still needed to be debated.

However, the bill was seen like more likely to pass following an endorsement by Senator John McCain.

The loonie was higher against the euro, with EUR/CAD down 1.41% at 1.5136.

Forex - USD/CAD tumbles over 1% after strong Canadian data
 

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Kashif Khan
Kashif Khan Dec 01, 2017 3:49PM GMT
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Canada is Great ;)
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