Canadian Dollar (FXC) Remains Strong After GDP

In today's currency trading, the Canadian Dollar (CAD) strengthened further on the back of strong March GDP figures and higher commodity prices, moving higher against most of its major counterparts, namely the US Dollar (USD), Euro (EUR) and Japanese Yen (JPY). The Canadian currency has already been on a nice run recently, especially against its US counterpart, and today the USD/CAD came extremely close to reaching March 9 multi-year low of 0.9666, but eventually settled at just above 0.97 where it currently trades. The retreat was mainly attributed to the fact that there is a big bulk of economic data coming out of the US, with job numbers being in the focus. The Canadian GDP for March recorded a decent gain, slightly beating forecasts by 0.2% coming out at 3.3% year over year. Rising commodities also boosted the Canadian currency, with oil rallying on continuing worries over supply because of the Middle East unrest and the Libyan conflict. The Canadian currency's gains against the Japanese Yen were pretty significant also, as the CAD/JPY pair soared to the highest level since July 2010, reaching to 86.14. The EUR/CAD, meanwhile, fell from 1.38 to 1.3720s.