2014.10.2123:20:06UTC+00Canadian dollar strengthens; traders eye BOC statement

The Canadian dollar ascended versus the US dollar and outmatched other major counterparts Tuesday following last week’s volatility.

Investors are awaiting the monetary policy statement of the Bank of Canada due Wednesday.

"Over the past couple of weeks, (the Canadian dollar) saw a pretty notable depreciation and I think this is just a bit of a retracement," said Greg Moore, Senior Currency Strategist at RBC Capital Markets.

The loonie traded at C$1.1228 to the greenback or 89.06 US cents, from Monday's C$1.1284 or 88.62 US cents.

The currency was backed earlier by Chinese data, showing the country’s economy grew by a stronger than anticipated 7.3% in the 3rd quarter, but still the slowest pace since the global financial crisis.