Canadian dollar edges higher ahead of domestic GDP data
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The Canadian dollar strengthened against the U.S. dollar as investors awaited domestic gross domestic product (GDP) data. The loonie was trading 0.1% higher at 1.3575 to the U.S. dollar. Canadian GDP data, due on Thursday, is expected to show the economy growing 0.4% in January from December. Money markets expect the Bank of Canada to leave its benchmark interest rate on hold at 5% at a policy decision on April 10 but to then begin a rate cutting campaign in June.
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