Canadian Dollar Surges Against US Counterpart on Strong Economic Indicators

The Canadian dollar has strengthened against its U.S. counterpart due to stronger domestic economic indicators.

Market participants said the currency appreciated roughly 0.3% during the session, benefiting from a series of positive figures and a decline in the U.S. dollar.

Statistics Canada reported stronger-than-expected GDP growth in May, with preliminary estimates indicating additional expansion in June.

This suggests second-quarter growth could exceed earlier forecasts from the Bank of Canada, according to economists.