The Canadian Dollar has weakened for a fifth-day against its US counterpart as it posts its longest losing streak since October 2012.
The decline comes as a result of a fall in the demand for commodities such as crude oil, Canada’s biggest export. The weakening in demand has led to a waning of risk appetite in the market with other commodity based currencies also weakening.
The Canadian Dollar was also weighed down by the latest jobless claims data out of Canada’s biggest trading partner, the USA. Jobless claims in the world’s biggest economy have increased by 20,000 to 362,000 in the week ending on the 16th of February. Economists had been predicting a rise to 355,000.
The disappointing PMI data released from the Eurozone has also damaged risk appetite after the single currency region showed a sharp contraction in the region’s economic activity. It fell from 48.6 in January to 47.3 in February, far off target from the expected figure of 49.
The US Dollar meanwhile has continued to strengthen against the majority of its peers.
Adam Button, a currency analyst at Forexlive.com said; “The Canadian dollar has been caught in the updraft of U.S. Dollar strength. On top of that, the bellwether commodities have been falling in the last couple of days.”
The Pound has strengthened against the currency by 0.35% after the UK government posted a better than expected financial surplus of £11.4 billion and UK manufacturers saw factory orders improve in February.
Current Canadian Dollar Exchange Rates
The Canadian Dollar to Euro (CAD/EUR) exchange rate is trading at 0.7431
The Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate is trading at 0.6433
The Canadian Dollar to US Dollar (CAD/USD) exchange rate is trading at 0.9815
The Canadian Dollar to Australian Dollar (CAD/AUD) exchange rate is trading at 0.9578
The Canadian Dollar to New Zealand Dollar (CAD/NZD) exchange rate is trading at 1.1761
The Canadian Dollar to Japanese Yen (CAD/JPY) exchange rate is trading at 91.5281
These exchange rates were correct as of 14:40 pm GMT
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