Several pieces of domestic and foreign data have inspired ‘Loonie’ fluctuations today.
The Canadian Dollar Exchange Rate was in the region of 0.9794 against the US Dollar as of 15:15 GMT
Ahead of the release of some influential pieces of US data the ‘Loonie’ fell to 98.07 cents against its major rival. The commodity-driven currency’s decline was largely due to domestic data showing that factory sales dropped, yet another sign of a slowdown in the Canadian economy. Meanwhile, existing home sales, while gaining by 0.6 per cent in April from March, were down 3.1 per cent on the year.
US data revealing an unexpected contraction in New York manufacturing also weighed on the Canadian Dollar.
However, as local trade progressed the ‘Loonie’ briefly bounced back from its three-week low against the ‘Greenback’ as the safe-haven US Dollar softened following the publication of a more significant than expected drop in US industrial production.
The 0.5 per cent slump was more severe than anticipated and the biggest slide for nearly eight months.
In response to the Canadian Dollar’s initial movement forex expert David Bradley argued that the ‘Dollar has softened a little bit across the board on the back of the weaker US data. We’re just in an adjustment process now where softness in the Canadian Dollar is catching up to where the rest of the world is.’
However, as the US is Canada’s main trading partner any less-than-impressive news impacts the latter nation’s economic outlook. Consequently the Canadian Dollar pared gains once more as trade progressed.
Tomorrow ‘Loonie’ movement is most likely to occur following the release of US data, including the nation’s consumer price index, initial jobless claims and housing starts.
Current Canadian Dollar (CAD) Exchange Rates
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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9794 <
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7631 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6440 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.9917 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1987 <
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5521 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0186 >
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3105 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8360 >
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 1.0079 >
(Correct as of 15:15 GMT)
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