The Canadian Dollar climbed close to a one-month high against the US Dollar but softened slightly against the Pound following the release of weaker than expected US jobs data.
Speculation is now mounting that as a result of the worse than predicted US payrolls report the US Federal Reserve will choose to maintain its $85 per month monetary easing programme until at least March next year. The Canadian Dollar benefited from the speculation as a continuation of the easing programme weighs upon the Dollar and supports commodity and emerging market currencies. Sterling edged higher however due to Canada’s close relationship with the US which is its biggest trading partner.
The ‘Loonie’ also found support from the release retail sales data. According to Statistics Canada, retail sales in the North American nation rose by 0.2% to C$40.3 billion, the currency received less support than it would otherwise as the figure was just below economist forecasts for a rise of 0.3%. A fall in oil prices also limited the currencies gains. Sales have risen for two consecutive months due to a rise in food and clothing sales as the winter approaches.
The ‘Loonie’ is likely to experience further movement on Wednesday after the Bank of Canada release its latest rate decision and its monetary policy report for October. The report is likely to back up claims by the Bank’s deputy governor that the Canadian economy will expand more slowly than had been previously forecast.
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9710
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7105
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6022
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0061
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1510
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6603
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0297
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4073
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8687
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9939
(Correct as of 14:40 pm GMT)
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