2 Min Read
By Solarina Ho TORONTO, June 26 (Reuters) - The Canadian dollar firmed against the U.S. currency on Wednesday, as the greenback slipped against some major currencies after the release of weaker-than-expected U.S. economic growth data. First-quarter gross domestic product expanded at a 1.8 percent annual rate in the United States. Economists polled by Reuters had expected growth to remain unrevised at 2.4 percent. "It's really being buffeted around by big dollar moves again in the absence of any really significant local moves. So the (U.S.) dollar is really being knocked lower generally by the GDP revision," said Adam Cole, global head of FX strategy at RBC Capital Markets in London. "Markets are just so dominated by the U.S. dollar view at the moment. Nothing much else is really getting a lock in." At 9:10 a.m. Eastern time (1310 GMT), the Canadian dollar was trading at C$1.0468 versus the greenback, or 95.53 U.S. cents. This was stronger than Tuesday's North American finish at C$1.0509, or 95.16 U.S. cents. Reassuring comments by the European Central Bank chief also helped overall sentiment, with Mario Draghi saying monetary policy will remain accommodative. The loonie, as Canada's dollar is nicknamed, was stronger against most other currencies, but was underperforming its commodity-linked counterparts - the New Zealand and Australian dollars. Canadian government debt prices were mostly stronger. The two-year bond rose 9 Canadian cents to yield 1.218 percent. The benchmark 10-year bond rose 59 Canadian cents to yield 2.468 percent.