Canadian Dollar Rallies on Strong Economic Growth and Oil Price Gains

• Canadian dollar strengthens against US dollar as economy grows faster than expected • GDP increased 0.6% in January, fastest growth in a year, reducing pressure for Bank of Canada to cut rates • Oil prices settled 2.2% higher, supporting the loonie • Canadian bond yields rose across the curve in shortened pre-holiday session
• Data shows Canadian economy "humming along", allowing Bank of Canada to keep rates higher for longer