EUR/CAD Rebound from Record Low as Canada’s Growth Slows

The Canadian dollar fell today against most major currencies after the report showed that economic growth of the North American country slowed more than was anticipated.

Canada’s gross domestic product rose 0.1 percent in May, following the 0.3 percent expansion in April. Economists hoped for an increase by at least 0.2 percent. The losses were limited as the market sentiment was supportive for higher-yielding currencies amid speculations that the Federal Reserve and the European Central Bank would ease their monetary policies.

The Canadian currency headed for the second monthly gain versus the US dollar. Yesterday, the loonie reached the record high of C$1.2266 per euro.

USD/CAD advanced from 1.0019 to 1.0031 and EUR/CAD rose from 1.2279 to 1.2340 as of 21:12 GMT today. CAD/JPY went down from 77.98 to 77.84, following the rise to 78.20.

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