Prior to the release of US inflation and jobless claims data the Canadian Dollar edged further away from yesterday’s week-low against the ‘Greenback’.
The ‘Loonie’ also advanced on several of its other currency peers as crude oil, a major commodity, achieved its highest level for nearly two weeks.
The Canadian Dollar Exchange Rate was in the region of 0.6246 against the British Pound as of 14:50 GMT
With the worsening crisis in Egypt raising oil supply concerns, commodity-driven currencies like the ‘Loonie’, ‘Aussie’, and ‘Kiwi’ were all able to benefit.
In response to the Canadian Dollar’s advance currency strategist Sebastien Galy commented: ‘Oil is actually rising quite significantly, so that’s quite a boost to Canada. Oil is an interesting one, the fact that CAD is performing quite well in an environment where equities are not doing very well.’
The CAD/GBP exchange rate hit a low of 0.6212
The Canadian Dollar was additionally supported by the news that sales of existing homes in Canada advanced by 0.2 per cent month-on-month. Non-seasonally adjusted sales for July were up by 9.4 per cent year on year. The report suggests that after the surge seen earlier this year the housing market has levelled off.
However, the ‘Loonie’s advance on its American counterpart was fleeting as the currency fluctuated in response to US news.
Although the US Dollar was supported by a report showing that US jobless claims had fallen to their lowest levels since 2007, in another sign that the labour market is improving, it wasn’t all good news for the world’s largest economy today.
Separate data revealed that industrial production in the US unexpectedly stagnated in July, rather than increasing by 0.3 per cent as expected. June’s figure was upwardly revised to a gain of 0.2 per cent.
Advances against the Pound were also limited as the British currency adopted a bullish relationship with the majority of its peers following the release of surprisingly strong retail sales figures.
Current Canadian Dollar (CAD) Exchange Rates:
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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9658 <
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7307 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6219 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0622 >
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1992 <
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6079 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0342 –
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3687 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8336 >
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9411 >
(Correct as of 14:40 GMT)
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