The U.S. dollar was almost unchanged against its Canadian counterpart on Monday, hovering within close distance of a five-year high as expectations for a U.S. rate hike by next year continued to support. USD/CAD hit 1.1642 during early U.S. trade, the pair’s highest since December 24; the pair subsequently consolidated at 1.1629, inching up 0.03%. The pair was likely to find support at 1.1575, the low of December 22 and resistance at 1.1668, the high of December 23. The greenback remained broadly supported after final data last week showed that U.S. gross domestic product rose 5.0% in the third quarter, exceeding expectations for a growth rate of 4.3% and up from 3.9% in the three months to June. The strong data fuelled further optimism over the strength of the U.S. economic recovery and added to expectations for the Federal Reserve to raise interest rates next year. The Canadian dollar found some support after official data last week showed that the country’s economy grew at a 0.3% rate in October, beating expectations for a growth rate of 0.1% and down from 0.4% in September. The loonie was lower against the euro, with EUR/CAD edging up 0.20% to 1.4193.