As a quiet week for Canadian data continues, the ‘Loonie’ was trading in a tight range against the Pound and holding steady against the US Dollar.
The Canadian Dollar Exchange Rate was in the region of 0.5982 against the British Pound as of 14:35 GMT
With the partial Federal shutdown persisting and growth concerns increasing every day, the US Dollar is trapped in a bearish relationship with several of its most traded peers.
Although this development has reduced the likelihood of the Federal Reserve tapering stimulus in the months ahead, a fact which would ordinarily boost higher-risk assets like the ‘Loonie’, as the US is Canada’s main trading partner the shutdown could have an adverse impact on Canadian growth, and the nation’s currency has softened as a result.
The CAD/GBP exchange rate hit a low of 0.5956
While the Canadian Dollar gained slightly on the Pound, it was trading close to a two-week low against its US counterpart as investors wait to see whether tomorrow’s US non-farm payrolls report will be released.
According to industry expert John Curran; ‘The market is looking for inspiration here, it’s in a wait-and-see mode. It’s a lose-lose situation. If they resolve this, people would start buying the US Dollar. If this drags on, the Canadian will weaken too.’
Even with a report showing that the number of US citizens filing for unemployment benefits rose by less-than-forecast in the week ending September 28th the US Dollar’s bearish attitude persisted, and the ‘Loonie’ clawed slightly higher against the ‘Greenback’.
The Canadian Dollar posted a notable decline against the Euro however as the common currency broadly strengthened in response to better-than-expected retail sales and services figures for the Eurozone.
Although there is no further Canadian economic data due for publication this week, with Canadian housing starts, building permits, new housing price index and employment data all scheduled from Monday, ‘Loonie’ movement may be driven by domestic rather than external factors next week.
Current Canadian Dollar (CAD) Exchange Rates:
< Down > Up
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9681 >
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7120 <
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5982 >
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0309 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1728 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6722 <
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0330 <
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4047 >
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8514 <
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9696 <
(Correct as of 14:35 GMT)
Comments are closed.