Canadian dollar rises after GDP data

The Canadian dollar rose against its counterparts on Wednesday, after the release of the GDP data, and amid optimism about Pfizer's Covid-19 vaccine effectiveness.

Pfizer announced that its vaccine -developed in cooperation with BoiNTech- was effective in preventing the new coronavirus strain.

Thus the US government revealed its applied for purchasing extra 100 million doses of the Pfizer-BoiNTech vaccine.

Many countries around the world are trying to contain the coronavirus pandemic, as infections surpassed 78 million cases, with a death toll of nearly 1.725 million victims.

The Canadian GDP grew by 0.4% during November, beating analysts' forecasts of a growth by 0.3%.

As of 17:08 GMT, CAD/USD rose 0.5% to 0.7787, after hitting a high of 0.7791, and a low of 0.7743.