FXstreet.com (Barcelona) - Canada's leading economic indicator increased to 1.5% in December, bettering economist forecasts of a slight slowdown to 1.1% and indicating that the Canadian economic recovery is gathering strength.

This month's increase marks the seventh consecutive month of gains and matches February 1983 for the largest monthly advance, up from 1.3% in November.

The gains were widespread as all 10 components of the composite indicator rose with housing spending and the stock market leading the way.

The USD/CAD spiked to a 5-day high at 1.0309 before falling immediately to 1.0289 (at MA 55 on 5-minute charts) right before the release of the positive data by Canada's national statistics office. The pair is currently trading sideways in the minutes prior to the release in the area of 1.0301.