The Canadian Dollar traded softer against the Pound and is on track to make a weekly loss against the UK currency as investors increased their bets that the Bank of England is likely to raise interest rates sooner than expected.
Against the US Dollar the ‘Loonie’ managed to reverse its losses thanks to the publication of better-than-expected manufacturing output data. According to Statistics Canada, manufacturing rebounded in September thanks to shipments being stronger than expected. The value of factory sales climbed by 0.6% to $49.90 billion Canadian Dollars and marked the fourth gain in five months. The data beat economist forecasts for sales to grow by 0.5%.
The currency was able to reverse its losses yesterday and managed to rise from a two-month low against its US relation after Federal Reserve Governor Candidate Janet Yellen said that she would continue to press on with the Fed’s quantitative easing programme. Her comments increased for higher yielding commodity based currencies including the Canadian Dollar.
“The market is still kind of digesting the Yellen comments and it certainly seemed to be low for longer. If the economy in the states needs more stimulus it’s not going to be a great feed-through in to the Canadian economy, so I think there’s limits to how far we’ll see the Canadian Dollar strengthen,” said an executive of foreign exchange sales from the Canadian Imperial Bank of Commerce.
The currency made further gains against the US Dollar after the ‘Greenback’ was broadly weakened by the release of disappointing manufacturing data.
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9541
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7093
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5942
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0236
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1525
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6827
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0480
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4098
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8676
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9768
(Correct as of 14:40pm GMT)
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