With Canadian markets closed for a national holiday (Canada Day) ‘Loonie’ movement has been limited. However, the commodity driven currency dipped slightly against its British counterpart following the publication of stronger-than-expected UK manufacturing data.
The Canadian Dollar Exchange Rate was in the region of 0.6248 against the British Pound as of 16:20 GMT
After figures compiled by Markit economics showed that UK manufacturing PMI climbed to 52.5 in June, significantly better than the rise to 51.4 estimated, the Pound strengthened modestly against peers including the Canadian Dollar.
This result followed a positive UK home price report, which showed that the value of homes in England and Wales climbed for a fifth consecutive month in June.
The CAD/GBP exchange rate hit a low of 0.6226
The Canadian Dollar was slightly stronger against the US Dollar after US constriction spending advanced by less than expected and Final Market PMI came in at 51.9, 0.5 lower than predicted.
However, the US ISM manufacturing gauge for June did surge from 49 in May to 50.9 in June, a three-month high.
One industry expert said of the result: ‘It’s a pretty decent improvement relative to May. The increase in new orders is a positive for production.’
Signs that the US economy is recovering tempted investors away from safe-haven assets and allowed currencies like the Pound to extend gains during the North American session.
Canadian data to look out for in the days ahead includes Wednesday’s International Merchandise Trade figures and Friday’s unemployment rate/employment change/Ivey PMI reports.
Economists have forecast that the nation’s unemployment rate will hold at 7.1 per cent.
Current Canadian Dollar (CAD) Exchange Rates
< Down > Up – Little Changed
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9520 >
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7311 <
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6248 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0326 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2281 –
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6005 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0510 <
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3679 >
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8156 <
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9681 >
(Correct as of 16:20 GMT)
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