The Canadian dollar was little changed against its U.S. counterpart on Friday but was on course for its fourth straight monthly gain, its longest winning run in six years, as domestic data showed the economy expanded more than expected in May.
Canadian gross domestic product rose by 4.5 per cent in May, and a preliminary flash estimate sees a further 5 per cent increase in June as the economy reopens following COVID-19 lockdowns, Statistics Canada said. Economists had expected a 3.5 per cent gain for May GDP.
Separate data from Statistics Canada showed that the value of Canadian building permits rose by 6.2 per cent in June from May.
The Canadian dollar was trading nearly unchanged at 1.3421 to the greenback, or 74.51 U.S. cents. The currency traded in a range of 1.3404 to 1.3439.
For the month, the loonie was on track to rise 1.1 per cent, helped by broad-based weakness for the U.S. dollar, as rising coronavirus cases in the United States weighed on the outlook for its economy, and higher oil prices. U.S. crude oil futures were up 0.2 per cent on Friday at $40.00 a barrel.
A fourth straight monthly gain for the Canadian dollar would be the currency’s longest winning streak since 2014.
Canadian government bond yields were higher across the curve, with the 10-year up 2 basis points at 0.467 per cent. Earlier in the day, it touched its lowest intraday level since March 9 at 0.412 per cent.
The bond market is due to close early ahead of a Canadian civic holiday on Monday.
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