The Canadian dollar advanced to its top value in about three months on Wednesday against the U.S. dollar, spurred by economic data indicating Canada saw more growth than forecast during the first quarter of the year, according to Bloomberg.
With the benefits of a five-day bullish streak, the loonie climbed on Wednesday as a result of Statistics Canada noting the nation's GDP grew 0.3 percent in February. That would pull even with the strong pace of development in 2011.
"Take any move today with a substantial grain of salt," chief economist David Watt with the Canadian unit of HSBC Holding Plc in Toronto told the news source on Wednesday. "I just don't expect any strength coming out of this report to be sustained, because I think we're going to see that reversal in March."
April business activity reduced its pace in the U.S., which harmed the performance of the dollar.
Advancement to Canadian gross domestic product is connected with the industries for mining and exploration of oil, according to The Wall Street Journal. Also propelling the metric higher were two consecutive months of gains in the manufacturing sector.
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