Canadian dollar rises on upbeat growth data
The Canadian dollar rose on Friday, after the release of better-than-expected data and the performance of oil prices.
The Canadian dollar is considered as a commodity currency, and its gains today are related to the performance of oil, which rose significantly after yesterday's slump.
The Canadian GDP monthly reading showed a growth of 0.7% in November, beating forecasts of 0.4%.
The American company Johnson & Johnson’s announced that its new Covid-19 vaccine is only effective by 66%, which disappointed many.
In comparison, Pfizer's vaccine is effective by 95%, and Moderna's vaccine is also more than 95%, while AstraZeneca's vaccine is 90% effective.
As of 17:03 GMT, CAD/USD rose 0.4% to 0.7826, after hitting a high of 0.7850 and a low of 0.7767.
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