Yesterday’s significantly better than forecast retail sales figures for Canada pushed the ‘Loonie’ to an over four-week high against the US Dollar and saw it gain on the Pound, and the commodity-driven currency continued to trade strongly today.
The Canadian Dollar Exchange Rate was in the region of 0.6347 against the British Pound as of 15:10 GMT
While disappointing manufacturing GDP data for China sapped risk appetite, boosting the safe-haven US Dollar and causing the ‘Loonie’ to dip, as the local session opened the currency was trading above 97 US cents per Dollar.
An absence of pertinent economic news meant that the Canadian Dollar was little changed against the Pound prior to tomorrow’s influential UK GDP figures.
Economists have forecast that the UK economy expanded by 0.6 per cent in the second quarter, up from growth of 0.3 per cent in the first quarter. A better than expected result could boost the Pound and the CAD/GBP pairing could slip.
The CAD/GBP exchange rate hit a high of 0.6366
The 1.9 per cent increase in Canadian retail sales, which was detailed in a report yesterday, was significantly higher than the 0.4 per cent gain predicted and indicative of resilient public spending.
Next week’s Canadian growth data could impact the currency, but as analyst Eimear Daly asserts: ‘Definitely for the Canadian Dollar, we’ve priced in all the bad data we possibly could. There’s an upside for it and we’re going to see more upside moves.’
The CAD/USD pairing could experience fluctuations tomorrow in response to US initial jobless claims data and a Canadian average weekly earnings report.
Current Canadian Dollar (CAD) Exchange Rates
< Down > Up – Little Changed
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9730 >
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7364 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6347 >
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0565 >
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2204 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5762 <
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0276 <
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3576 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8202 <
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9464 <
(Correct as of 15:10 GMT)
Comments are closed.