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InstaForex - Official partner of Dragon Racing

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InstaForex - Official partner of Dragon Racing

2019.12.2313:06:00UTC+00Canadian Dollar Extends Decline After Downbeat GDP Data

The Canadian dollar extended its early decline against its major counterparts in the European session on Monday, as a data showed that the nation's economy contracted unexpectedly in November.

Data from Statistics Canada showed that GDP fell 0.1 percent on a seasonally adjusted monthly basis after rising 0.1 percent in the previous month. The rate was forecast to be flat.

The loonie dropped to 1.3171 against the greenback and 83.05 against the yen, from its early highs of 1.3141 and 83.34, respectively.

The loonie pulled back to 1.4592 against the euro, from near a 6-week high of 1.4553 seen at 6:00 pm ET.

The Canadian currency hovered at a 10-day low of 0.9111 against the aussie, compared to Friday's closing value of 0.9069.

The next likely support for the loonie is seen around 1.33 against the greenback, 81.5 against the yen, 1.47 against the euro and 0.92 against the aussie.

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