The Canadian Dollar weakened against the Greenback in the wake of softer monthly economic reports on Friday. The USD/CAD rose by 24 base points or 0.20% to keep growing up to the highest level in four weeks of 1.2511, but continued the session below the 1.2500 mark.
The reports showed that the Canadian Gross Domestic Product was flat in the month of July. However, the country’s economy marked the strong growth for eight months in succession, which prompted the Bank of Canada to hike key interest rates two times during the last three months. However, the Bank’s Governor Stephen Poloz dovish comments provided and moderation in the economic growth momentum raise concerns over another rate hike in 2017.
