The Canadian dollar reached the strongest level since February after the nation’s economy grew faster than forecast and speculation increased that U.S. policy makers will sustain monetary stimulus measures.
The currency rose for the fifth day against its U.S. counterpart as Statistics Canada said gross domestic product increased 0.3 percent in February, putting the economy on track for its fastest quarterly growth since 2011. The U.S. dollar weakened against most major currencies after a private report showed business activity unexpectedly shrank in April for the first time in more than three years.
“For Canada, we’ve had better economic data, so that’s encouraging and the broad move in the U.S. dollar is lower,” Camilla Sutton, head of currency strategy at Bank of Nova Scotia (BNS), said by telephone from Toronto.
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