US Dollar Falls behind Canadian Currency

canadian dollarThe US dollar was down versus its Canadian counterpart as impressive economic growth data continued to sustain the nation’s currency. However, losses of the US currency remained minimal.

The currency pair of USD and CAD was seen at 1.1373 during initial trading in US markets and the pair later consolidated at 1.1368. The slide was 0.42 percent.

The pair would probably obtain support at 1.1323.
The Canadian dollar boomed after data highlighted that the country’s GDP increased 0.4 percent last September and met expectations after a 0.1 percent tightening in August.

For the twelve-monthly period, national economy increased 2.8 percent during the third quarter and surpassed expectations for a 2.1 percent growth. This came about after the adjusted expansion rate of 3.6 percent during the quarter.

The CAD was higher against the single currency. The euro edged down against the Canadian dollar 0.11 percent to 1.4199.

In the euro region, data revealed that the manufacturing PMI index went down to 50.1 from the initial reading of 50.4 in November. This was slightly above the 50 level which separates growth from reduction.

German manufacturing PMI entered tightened for the first time in 17 months after dropping to 49.5.
The manufacturing PMI of France also contracted at 48.4 while that of Italy was 49.0.

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