Loonie gains linked to European Union leaders' surprise progress

The Canadian dollar achieved gains against its southerly rival on Friday during a market rally that came on the final day of the second quarter after European Union leaders surpassed low expectations at the Brussels summit, according to The Canadian Press.

Also boosting the monetary unit of Canada was economic data indicating the nation's Gross Domestic Product advanced. One investment house noted the perfectly timed hurrah is not guaranteed to be long lasting.

"It’s Friday, month-end, quarter-end, a long weekend. The EU has fired a shot across the bow in an attempt to fix everything in one broad brush stroke," states a report authored by BMO Capital Markets, according to the news source. "Time will tell how long this risk rally lasts, but for today the markets are clearly celebrating."

European Union leaders proffered a scheme to earmark bailout funding directly to debt-hobbled banks while also minimizing austerity cuts against the more deeply impacted nations.

Even the embattled monetary unit of the 17-nation bloc achieved gains on Friday, according to Reuters. The shared currency of the European Union climbed 2 percent against the world's reserve currency.