The Canadian Dollar (CAD) is experiencing a resurgence, buoyed by better-than-expected GDP data for Q1 that provided a much-needed lift on Friday. This positive economic indicator prompted a slight adjustment in swap rates ahead of Wednesday’s Bank of Canada (BoC) policy decision.

Several Canadian banks have reevaluated their forecasts, shifting from expectations of a rate cut to projections aligned with Scotiabank’s outlook of no changes. As the CAD probes its strongest levels since October, traders are paying close attention to the upcoming economic benchmarks that could influence currency movements.