Over the past few days the ‘Loonie’ has taken a real kicking, falling to multi-year and multi-month lows against several of its most traded peers and hitting a three-year low against the US Dollar.
The Canadian Dollar Exchange Rate was in the region of 0.5726 against the British Pound as of 14:50 GMT
But the commodity-driven currency was able to recover some losses against the Pound as the North American session began.
The ‘Loonie’ advanced on the Pound as the British asset broadly softened in the aftermath of the Bank of England’s rate decision.
Gains were extended as Canadian building permits increased by more than expected, surging by 7.4 per cent rather than the 1.0 per cent predicted.
The hope that tomorrow’s Canadian employment data will show improvement lent the asset additional support as trading progressed.
Economists have forecast that the nation added 15,000 positions in November following an increase of 13,200 in October.
For the first time in five-days the Canadian Dollar strengthened against the ‘Greenback’ as investors speculated that its recent decline has been excessive.
The CAD/GBP exchange rate hit a low of 0.5705
However, the CAD/USD pairing was restricted as the US Dollar enjoyed a boost following the publication of surprisingly strong growth and employment data.
Speculation surrounding tomorrow’s US non-farm payrolls report also tempered the ‘Loonie’s advance.
But currency expert Darcy Browne observed; ‘It doesn’t make sense to keep pushing [the Canadian Dollar] one way ahead of the big data tomorrow. If you get this great Canadian job data tomorrow we’re not going to C$1.0750, it’ll be at C$1.0550. So you might as well hold on and wait and see what the data is at this point’.
Before the end of local trading additional ‘Loonie’ fluctuations could be inspired by Canada’s Ivey PMI.
Tomorrow Canadian data will be the main cause of CAD/GBP movement, although UK inflation data will also be of interest.
Current Canadian Dollar (CAD) Exchange Rates:
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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9376 >
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.6861 <
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5726 >
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0383 >
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1438 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.7464 <
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0667 <
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4575 >
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8757 >
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9635 <
(Correct as of 14:50 GMT)
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