Yesterday the Canadian Dollar advanced as better-than-expected US retail sales figures brightened the economic outlook of Canada’s largest trading partner, but the currency’s rally was to prove short lived.
The Canadian Dollar Exchange Rate was in the region of 0.9856 against the US Dollar as of 14:30 GMT
The Canadian Dollar has been trading below parity with its American counterpart since January of this year, but over the last 2-months the commodity driven currency has rallied, to achieve over 0.9975 against the ‘Greenback’.
However, with investors speculating that its climb may have been too rapid, and with US economic recovery outstripping Canada’s, the ‘Loonie’ fell to 98.64 during local trade.
In response to the movement one currency strategist noted: ‘We did move a little too far. It’s the classic case that the US is moving, or continues to move, somewhat ahead of the Canadian cycle. So the US is looking to move back to a stronger growth phase in the latter half of the year.’
The Canadian Dollar also fell against the Euro as industrial production in the Eurozone expanded by more than estimated. Euro gains were slightly tempered by the news that economic sentiment in Germany failed to rise by as much as expected.
This week the big bits of Canadian economic news to focus on include tomorrow’s manufacturing shipments and existing home sales figures and Friday’s Bank of Canada CPI. News from the US and Eurozone could also inspire fluctuations.
Current Exchange Rates:
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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9856 <
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7605 <
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6453 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.9950 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1952 <
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5495 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0148 >
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3164 >
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8341 >
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 1.0054 >
(Correct as of 14:30 GMT)
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