FXstreet.com (Córdoba) - Canadian GDP came in strong, at 2.5% yoy, yet USD/CAD rose to above 1.03 on the back of weaker commodity prices, and even more importantly, an ebbing of risk sentiment globally, notes the UBS analyst team.

"Risk appetite was down on weak German data and some mixed US figures", UBS says. "We still look for the strong fundamentals in Canada, coupled with a mildly hawkish central bank, to support the Loonie going forward".