Canadian Dollar Falls Despite Positive GDP

The Canadian dollar ended another week declining versus its U.S. counterpart and lower-yielding currencies despite a report showing that the nation’s economy grew for another month, as the U.S. GDP report had more impact in markets globally.

Even if a report showed that Canada’s gross domestic product rose for a third consecutive month in November 2009, the loonie declined versus the greenback as a report indicated that the U.S. economy expanded more than forecasts suggested in the last quarter of 2009, making the U.S. dollar to touch the highest level in 2010 versus its Canadian counterpart.

USD/CAD traded at 1.0697 as of 21:37 GMT from a previous intraday rate of 1.0654.

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