Although stronger than anticipated employment figures for the UK boosted the Pound against its peers and saw the CAD/GBP pairing soften, the Canadian Dollar was able to gain on other rivals (such as its US counterpart) as positive domestic news increased the commodity-driven asset’s appeal.
The Canadian Dollar Exchange Rate was in the region of 0.6139 against the British Pound as of 14:30 GMT
Friday’s Canadian employment gain, which was three times higher than expected, was the first upbeat piece of Canadian economic news seen for a while, but some economists feel that it may have marked a turning point for the nation.
The ‘Loonie’ ended last week higher than it began against the US Dollar and managed to extend gains on Monday after building permits surged by 20.7 per cent rather than the 3.5 per cent expected.
The CAD/GBP exchange rate hit a low of 0.6098
And with US President Barack Obama lifting the threat of a potential air strike on Syria (for the time being at least) the commodity-driven asset’s advance continued for a fourth day.
Furthermore, in light of recent pieces of US economic data failing to meet expectations traders are now adjusting bets that Canada’s economic recovery will trail that of its neighbour.
As London-based currency strategist Eimear Daly notes; ‘We’ve seen quite positive fundamentals coming out of Canada. There was a lot of talk that temporary factors in the Canadian economy would see a meatier bottom-out, but that hasn’t come through in data, and it looks like for now there could be quite a rebound already.’
Tomorrow the CAD/GBP and CAD/USD pairings are likely to experience movement in reaction to Canada’s new housing price index, although the US monthly budget statement will also be of interest.
Current Canadian Dollar (CAD) Exchange Rates:
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The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9675 >
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7293 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6139 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0416 >
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2014 <
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6303 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0336 <
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3713 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8333 <
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9601 <
(Correct as of 14:30 GMT)
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