For a second day the commodity-driven ‘Loonie’ declined against its American counterpart. Although the Canadian Dollar slipped against a broadly stronger Pound early into the European session, an upward correction saw the pairing trade little changed from yesterday’s level. The Canadian currency fell against its most traded peers yesterday following the Bank of Canada’s rate decision and policy announcement.
The Canadian Dollar Exchange Rate was in the region of 0.6319 against the British Pound as of 14:50 GMT
As new BOC Governor Stephen Poloz asserted that the benchmark interest rate will be held at its current level until the nation’s economy picks up notably the CAD/GBP pairing slumped and the ‘Loonie’ declined against the US Dollar.
In response to the ‘Loonie’s recent movement one Toronto-based forex expert commented: ‘It’s going to be very data dependent from here on in now that we’ve gotten through the Bernanke and Poloz events yesterday. Bernanke is really the highlight and you see a lot of positioning ahead of anything he does.’
This morning a better-than-forecast retail sales report for the UK bolstered the Pound and the Canadian Dollar declined modestly against its British rival.
The CAD/GBP exchange rate hit a low of 0.6285
Meanwhile, losses against the US Dollar were exacerbated after the release of better-than-expected initial jobless claims figures for the US increased the odds of the nation’s central bank tapering stimulus.
However, the ‘Loonie’ received some support from a report showing that Canada’s wholesale sales climbed 2.3 per cent in May, smashing economists’ forecasts for a 0.3 per cent gain.
Tomorrow movement in the CAD/GBP pairing could occur in response to several pieces of key data, including public finance figures for the UK and an inflation report for Canada.
Current Canadian Dollar (CAD) Exchange Rates
< Down > Up – Little Changed
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9602 <
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7342 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6319 >
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0490 >
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2180 <
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5822 <
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0414 >
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3623 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8227 >
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9535 <
(Correct as of 14:50 GMT)
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