Ahead of the publication of Canadian housing data the ‘Loonie’ dipped to 99.63 against its US rival. The Canadian Dollar also lost ground against the Australian and New Zealand Dollars, its fellow commodity driven currencies, as they benefited from better-than-expected employment data.
The Canadian Dollar Exchange Rate was in the region of 0.9968 against the US Dollar as of 14:05 GMT
Before the home-price report was released currency analyst Eimear Daly asserted: ‘Markets have really priced out any hike in interest rates since really the start of this year due to increasing evidence that these imbalances really are working their way out and the Canadians really are in control of the economy, and they’re not going to let there by a house-price bubble. That’s Canada-dollar negative because obviously it means we won’t get a hike in interest rates any time soon, but it is a positive for the economy.’
The house price figures, compiled by Statistics Canada, showed that house prices advanced by 0.1 per cent in March, month-on-month, and 2 per cent year-on-year – the slowest annual increase for almost two years.
The month-on-month result was in line with economists’ expectations and the Canadian Dollar was little changed by the news.
This report follows yesterday’s slightly below estimate Canadian housing starts figures.
Meanwhile, over in the US jobless claims tumbled to a five-year low, smashing economists’ expectations.
Significant ‘Loonie’ movement can be expected to occur tomorrow in reaction to Canadian net change in employment and unemployment rate data.
Last month the Canadian Dollar plummeted after a surprising loss of 54,500 positions. If economists’ predictions for a 15,000 increase fail to materialise the Canadian Dollar could tumble.
Current Canadian Dollar (CAD) Exchange Rates
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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9968 <
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7594 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6412 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.9755 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1817 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5614 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0030 >
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3168 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8449 <
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 1.0249 >
(Correct as of 14:05 GMT)
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