The Canadian Dollar is trading stronger against the Pound and made advances against the US Dollar as the ‘Greenback’ suffers from a bout of weakness and suffers from thin trading due to the summer lull.
“The US Dollar is softer again against pretty well all the majors, and the Canadian dollar is just rolling with that, really,” said Adam Cole, chief currency strategist with RBC Capital Markets in London.
The U.S./Canadian dollar pair is likely to be confined to a relatively narrow trading bracket until some events that could roil currency markets, notably the U.S. Federal Reserve’s policy announcement next Wednesday and U.S. nonfarm payrolls data on Friday.
“There’s just a dearth of information until we get to the payrolls number,” Mr. Cole said.
The absence of any real directionality for the pair has been compounded by thin trading flows.
“We just seem to be flying around on the back of flow in thin summer markets,” he said.
The ‘Loonie’ was also supported by speculation that the Canadian economy is set to make strong improvements and as crude oil remained above $100 per barrel for a 16th straight day in New York trading.
Data released by Statistics Canada also lent support to the currency as average weekly earnings picked up speed in May with a 2.5% increase compared with the 2.2% increase recorded in the previous month.
Current Canadian Dollar (CAD) Exchange Rates
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9699
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7338
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6314
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.060
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2117
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5836
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0309
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3627
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8252
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9431
(Correct as of 16:10 pm GMT)
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