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The Canadian Dollar outperformed other major currencies on Wednesday and remained leader of the pack for 2021 after Statistics Canada data showed the economy gaining momentum in January despite a second wave of coronavirus infections and associated restrictions on activity.
The Canadian Dollar was caught on the hop by a tentative rebound in the U.S. Dollar Friday even after Statistics Canada unveiled June growth figures that surpassed market expectations before forecasting a strong July performance too, although this didn't prevent the Loonie from turning lower.
The Canadian Dollar struggled Friday even after official estimates revealed the May rebound in the economy was larger than economists expected, as risk appetite appeared to ebb and a preliminary estimate from Statistics Canada warned of only a limited further rebound in June.
The Pound-to-Canadian Dollar rate reversed course and traded higher Tuesday after Statistics Canada indicated that only a tepid economic recovery was underway in May, after reporting historic losses for the economy in April.
The Canadian Dollar wobbled while trading on its front foot against many rivals Tuesday after official data revealed a surprise February contraction in the economy, vindicating the Bank of Canada (BoC) for its anaemic estimate of growth for the first-quarter overall.
The Canadian Dollar was dealt a crushing blow Friday by official data that showed the economy contracting into year-end, as multiple headwinds stymied activity, vindicating the Bank of Canada for having said it will be more patient before raising interest rates this year.
The Canadian Dollar held onto its place at the top of the G10 league table Thursday even after official data confirmed that the economy slowed sharply into year-end, which led economists to claim the Bank of Canada (BoC) has been sidelined for the foreseeable future.
The Canadian Dollar held at an 18-month low against the Dollar and also ceded ground to Sterling Friday, after the latest GDP and retail sales data appeared to put a further dent in the economic outlook.
The Canadian Dollar was treading water Friday after official data showed the Canadian economy contracting at the end of the third-quarter.
The Canadian Dollar was treading water Wednesday before the release of GDP data for August, which will be key to market expectations of growth in the third-quarter, as well as the Bank of Canada's December interest rate decision.
The Canadian Dollar extended losses Thursday after official data showed economic growth picking up sharply in the second quarter but at a slower than expected pace, which may now cast doubt over whether the Bank of Canada goes ahead with another interest rate rise in September.
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