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TorFX

Canadian Dollar to US Dollar (CAD/USD) Exchange Rate Dips on Crude Oil Declines

Canadian Dollars

Yesterday the Canadian Dollar strengthened against its peers as housing starts climbed by 200,178 units instead of the 180,000 estimate.

The Canadian Dollar Exchange Rate was in the region of 0.9768 against the US Dollar as of 14:20 GMT

Home price data compiled by CanStat also showed that home prices in Toronto edged up by 5.4 per cent in May from the same period of 2012, the most significant increase in 5 months.

Meanwhile, building permits climbed 10.5 per cent in April following a 6 per cent rise in March, the fourth gain in a row.

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The ‘Loonie’ was also supported by last week’s impressive employment figures, which saw the nation’s unemployment rate drop to 7.1 per cent in May from 7.2 per cent.

However, after beginning local trade strongly and having gained on its US rival for four days, the Canadian Dollar dropped during local trade as the price of a major Canadian export declined.

Crude oil fell by the most for a week on the expectation that stockpiles in the US increased. Futures on crude oil shed 1.3 per cent, falling to 94.50 Dollars per barrel in New York.

The ‘Loonie’ dipped to 97.48 US cents and 1.0248 Canadian Dollars

It is expected that tomorrow’s report by the Energy Information Administration will show that crude oil inventories rose by 550,000 barrels last week.

Other major commodities also dipped.

As one currency expert comments: ‘The Canadian Dollar remains a high-beta currency, and fluctuations in the oil price will always affect it more.’

Home-grown data to watch out for this week includes Thursday’s new housing price index and Friday’s manufacturing shipments figures.

Advance US retail sales, due out on Thursday, 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: 0.9768 <

The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7381 <

The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6290 <

The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0443 >

The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2430 <

The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5896 >

The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0231 >

The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3554 >

The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.7956 <

The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9577 <

(Correct as of 14:20 GMT)

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