After fluctuating during local trading yesterday the Canadian Dollar ended the North American session stronger against its US rival. The ‘Loonie’ was boosted as the ongoing crisis in Egypt raised oil-supply concerns and the price of crude oil climbed.
The Canadian Dollar Exchange Rate was in the region of 0.6190 against the British Pound as of 15:15 GMT
However, the Canadian Dollar has since shed yesterday’s gains against its US peer, and is heading toward a five-day decline against many of its rivals – including a broadly stronger Pound.
The commodity-driven asset was adversely affected by the news that Canadian manufacturing sales dropped in June.
Although economists expected factory sales to advance by 0.3 per cent they actually declined by 0.5 per cent, and the ‘Loonie’ broadly softened in the wake of the data release.
In response to the currency’s movement Toronto-based economist Doug Porter stated: ‘The manufacturing-sales number reinforces the point that June was a weak month for the economy. The currency is being hit by a number of crosscurrents. It’s hard to establish a clear direction.’
The CAD/GBP exchange rate hit a low of 0.6179
Additional pressure was piled on the ‘Loonie’ as US housing starts rose in July (albeit by less than expected) and productivity climbed by 0.9 per cent in the second quarter.
However, after a separate report showed that US consumer confidence plummeted from last month’s six-year high (from 85.1 to 80) the Canadian Dollar was able to recoup losses against the ‘Greenback’.
Next week the Canadian data to watch out for includes retail sales figures (due for release on Thursday) and the nation’s consumer price index, out on Friday.
Current Canadian Dollar (CAD) Exchange Rates:
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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9670 <
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7237 <
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6190 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0516 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2037 <
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6165 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0342 –
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3687 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8336 >
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9411 >
(Correct as of 15:15 GMT)
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