Canadian dollar rises 0.14 of a cent to 90.56

Canadian dollar rises 0.14 of a cent to 90.56According to the latest figures released, the Canadian dollar increased 0.14 cent to 90.56 to cents in the afternoon trade.

The national currency improved significantly as the country's economy recorded a strong increase during the first month of the year. Data from Statistics Canada showed that the Canadian economy grew by 0.5 per cent in January compared to 0.3 per cent predicted by economists. The growth is a significant improvement from the month of December when the there was a 0.5 per cent decline in the economy.

Experts said that the Canadian economy recorded a stronger than expected growth during the first month of the year even as the country faced cold winter season and helped revived growth from the fall in December. The Canadian dollar had recorded a fall ause of the difference in the Bank of Canada and the U. S. Federal Reserve.

The Bank of Canada Governor Stephen Poloz had said in March that the economic growth is expected to remain soft and indicated that the central bank might consider a cut in interest rates, which resulted in a fall in the value of the national currency.