With risk-appetite supported by positive developments in the Eurozone, the Canadian Dollar was able to advance on its US peer during the local session. However, the ‘Loonie’ was softer against a rallying Pound.
The Canadian Dollar Exchange Rate was in the region of 0.6246 against the British Pound as of 14:50 GMT
News that the Eurozone has finally emerged from a record long recession supported commodity-driven currencies like the Canadian Dollar over the course of trade and the ‘Loonie’ was able to strengthen modestly against its US counterpart.
As industry expert Don Mikolich commented: ‘It seems like people are getting excited about Europe getting out of recession, so you take the good news where it comes. With a light calendar, I think it’s just following on some of the details and getting caught up in some of the European data.’
The Canadian Dollar was further supported after domestic home prices were shown to have quickened last month, picking up from the slowest rate for nearly four-years.
Prices were up 1.9 per cent in July from June’s 1.8 per cent.
After US data showed that the nation’s producer price index stagnated in July, surprisingly unchanged from June’s 0.8 per cent gain, the Canadian Dollar retained its advance. Economists had expected a 0.3 per cent climb in producer prices.
The CAD/GBP exchange rate hit a low of 0.6212
However, with UK employment data surprising to the upside and supporting the Pound against its peers the ‘Loonie’ continued to trade lower against its British counterpart.
Tomorrow UK retail sales can be expected to drive CAD/GBP movement in the European session, while US inflation, jobless claims and industrial production figures will impact the CAD/USD pairing.
Canada’s existing home sales report, due out at 14:00 GMT.
Current Canadian Dollar (CAD) Exchange Rates:
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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9684 >
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7300 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6246 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0603 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2089 <
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6009 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0326 <
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3691 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8298 >
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9426 >
(Correct as of 14:50 GMT)
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