The Canadian Dollar retreated from its gains made against the Pound and has slumped against its US relation after the value of Canada’s biggest export, Crude oil tumbled to a five-month low on Tuesday.
On Monday the ‘Loonie’ managed to reach a one-week high against its US relation. The currency’s decline came after Crude oil traded at its lowest level in more than five months and commodity prices softened.
“I don’t think it’s coincidental that you’re seeing oil at one of its worse levels in a while. Outside of any correlated factors, what you’re looking at here is just a little bit of profit-taking. Canada did very well in the last couple of days, the movement has been very profitable if you got in at the right time,” the director of foreign exchange at the Bank of Montreal told Bloomberg.
Against the US Dollar the Pound was little changed after the US currency remained under pressure from increased expectations that the Federal Reserve delay tapering its monetary easing programme until March next year. This view was countered slightly by comments made by William Dudley the Federal Bank President of New York. Dudley said that he was growing more hopeful that the US economy is improving, adding that drags on the economy are likely to ease over the coming months.
The uncertainty as to will they, won’t they has weighed heavily upon the ‘Greenback’.
Investors are now looking ahead to the minutes of the Fed’s October meeting, as well as a speech by Fed Chairman Ben Bernanke on Wednesday for further indications on the future course of U.S. monetary policy.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6211
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7398
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0441
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6098
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3515
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9577
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7086
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5949
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6808
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0441
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4112
(Correct as of 15:00 pm GMT)
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