The Canadian dollar CADUSD weakened to a four-month low against its U.S. counterpart on Thursday as the greenback posted broad-based gains and ahead of domestic GDP data that could guide expectations for additional Bank of Canada interest rate cuts.

The loonie was trading 0.3 per cent lower at 1.3940 per U.S. dollar, or 71.74 US cents, after touching its weakest intraday level since May 20 at 1.3943.

“We’re seeing the [U.S.] dollar rally against pretty much everything at the moment,” said Christian Lawrence, head of cross-asset strategy at Rabobank. “The move today is primarily on the back of the blockbuster GDP numbers and also the much better than expected weekly labor numbers.”

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