The Canadian dollar steadied against its U.S. counterpart on Friday as domestic data showed the economy growing faster than expected in July, but the currency still posted a steep weekly decline.

The loonie was trading nearly unchanged at 1.3938 per U.S. dollar, or 71.75 U.S. cents, after earlier touching its weakest level since May 20 at 1.3958. For the week, the currency was on track to lose 1.1%, which would be its largest weekly decline since February.

“The pressure on the CAD stems from the broader rise in the USD, wider US-Canada spreads and softer risk appetite,” Shaun Osborne and Eric Theoret, strategists at Scotiabank, said in a note.

The U.S. dollar has rallied this week against a basket of major currencies after data showed U.S. economic resilience, potentially complicating t

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