Yesterday’s US news triggered dramatic market fluctuations. As the US Dollar posted widespread declines the ‘Loonie’ took its chance and clawed its way to 1.0326 Canadian Dollars, the strongest level achieved since June 20th.
The Canadian Dollar Exchange Rate was in the region of 0.6365 against the British Pound as of 15:05 GMT
The commodity-driven currency was also able to advance on the Pound, despite the British currency recouping losses as investors speculated that its recent decline had been excessive.
In response to the CAD/USD movement Toronto based forex expert David Bradley stated: ‘Until Bernanke spoke yesterday, it’s been a general bullish US Dollar trend. North America is going to outperform Europe in the long-term. So you’re going to see the US Dollar stronger and you’re going to see the Canadian Dollar outperform its counterparts.’
News from the US supported commodity driven currencies like the Canadian Dollar, and the ‘Loonie’ was little affected by a lower-than-estimated new housing price index.
The CAD/GBP exchange rate hit a low of 0.6287 pence per Canadian Dollar
According to Statistics Canada, new home prices were up 1.8 per cent on the year in May after posting a month-on-month increase of 0.1 per cent.
Economists had forecast that the new housing price index would rise by 1.9 per cent year-on-year and 0.2 per cent on the month.
The Canadian Dollar also gained on fellow commodity-driven currencies like the Australian Dollar during the local session.
An absence of pertinent economic news for the UK is likely to limit CAD/GBP movement as we head into the weekend.
Current Canadian Dollar (CAD) Exchange Rates
< Down > Up
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9603 >
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7367 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6365 >
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0465 >
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2217 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5714 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0415 <
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3566 <
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: 0.9559 <
(Correct as of 15:05 GMT)
Comments are closed.