After rallying by roughly 0.5 cents yesterday in response to positive US manufacturing data the commodity-driven Canadian Dollar lost significant ground against its American counterpart, dropping close to a six month low against the ‘Greenback’ in the wake of a bigger decline than forecast in Canadian consumer prices.
Core CPI slowed to 1.1 per cent from the same period the previous year, causing the ‘Loonie’ to decline against the majority of its other most traded currency rivals for a third day.
This latest data follows the Bank of Canada’s decision earlier in the week to slash its growth forecasts for the nation and hold off on interest rate increases for the foreseeable future.
The biggest cause of home-grown volatility for the currency next week will be Canadian GDP figures for November, scheduled for release on Thursday 31st.
Current Canadian Dollar Exchange Rates
The Canadian Dollar to Euro exchange rate is currently trading at 0.7383
The Canadian Dollar to Pound Sterling exchange rate is currently trading at 0.6287
The Canadian Dollar to US Dollar exchange rate is currently trading at 0.9941
The Canadian Dollar to Australian Dollar exchange rate is currently trading at 0.9519
The Canadian Dollar to New Zealand Dollar exchange rate is currently trading at 1.1879
The Canadian Dollar to Emirati Dirham exchange rate is currently trading at 3.6751
The Canadian Dollar to Swiss Franc is currently trading at 0.9180
The Canadian Dollar to Japanese Yen exchange rate is currently trading at 90.2848
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