Although Canadian economic news is rather thin on the ground for the first half of this week, the ‘Loonie’ has been able to advance on several of its main currency rivals in response to commodity movement.
The Canadian Dollar Exchange Rate was in the region of 0.6340 against the British Pound as of 14:10 GMT
Crude oil, an integral Canadian commodity, continued to fetch over $100 per barrel for an 18th day, and the ‘Loonie’ was supported against its peers as a result.
As foreign exchange strategist Sebastien Galy observed: ‘Oil has been very, very bid, it’s been on an uptrend and has basically been correcting, so I think that’s been a positive support for the Canadian Dollar.’
The currency also benefited from the expectation that this week’s Canadian GDP report will show that the nation’s economy expanded by 0.3 per cent in May following growth of 0.1 per cent in April.
The CAD/GBP exchange rate hit a high of 0.6352
Gains against the British Pound were aided by the news that UK mortgage approvals unexpectedly declined in June, dropping to 57,700 from a negatively revised 58,100 rather than climbing to 59,700 as economists expected.
The CAD/USD pairing could experience additional movement in response to this afternoon’s US pending home sales report, but fluctuations could be limited ahead of this week’s Federal Open Market Committee meeting.
Although tomorrow’s Canadian industrial product price and raw materials price report could inspire CAD/GBP fluctuations, this week the pairing is more likely to be driven by UK news, like the Bank of England’s rate decision.
Current Canadian Dollar (CAD) Exchange Rates
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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9735 >
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7341 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6340 >
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0543 >
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2046 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5769 <
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0271 <
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3625 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8290 <
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9485 <
(Correct as of 14:10 GMT)
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