The Canadian Dollar has strengthened against the US Dollar, rising to its highest level in two weeks due to gains in the country’s biggest export of crude oil and the increased chance that the USA and Europe could continue their economic stimulus programmes. Against the rest of its peers the ‘Loonie’ posted declines.
The currency declined against the majority of its peers including those of the other commodity based currencies such as the Australian and New Zealand Dollar, ahead of tomorrow’s report that is expected to show that the Canadian economy grew by 0.2% in February.
“There’s no particular reason for the ‘loonie’ to out- perform, I just think it’s going higher with all commodity currencies and risk assets generally,” said Greg T. Moore, currency strategist at Toronto-Dominion Bank, by phone in Toronto. “I think the positioning doesn’t really reflect what’s going on with the fundamentals, and that reflects this GDP print.”
The Euro meanwhile has edged upward against the Canadian Dollar due as investors and economists breathe a sigh of relief that the Italian political stalemate has finally come to an end. Bets are growing that the U.S. central bank will maintain its program of monetary stimulus at a two day meeting starting tomorrow, and the European Central Bank will cut its benchmark interest rate later this week.
Current Canadian Dollar (CAD) Exchange Rates
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9857
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7525
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6344
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.9533
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1547
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5760
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0144
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3288
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8660
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 1.0489
(Correct as of 14:55pm GMT)
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