August 31, 2012 / 12:47 PM / in 5 years

C$ firms to session high after GDP beats forecasts

TORONTO (Reuters) - Canada’s dollar climbed to a session high against its U.S. counterpart on Friday after data showed the country’s economy grew at an annualized 1.8 percent in the second quarter, exceeding analyst estimates.

The Canadian dollar strengthened to C$0.9867 versus the greenback, or $1.0135, from around C$0.9903, or $1.0100, immediately before the release.

It was already on firmer ground heading into the report, boosted by speculation the European Central Bank will intervene in the region’s bond market, and ahead of a highly anticipated speech by U.S. Federal Reserve Chairman Ben Bernanke later in the day.

Reporting by Claire Sibonney

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