The Federal Reserve’s announcement regarding bringing US stimulus to an end by mid-2014 has heaped pressure on commodity-driven currencies like the Canadian Dollar in recent days. Now some less-than-impressive domestic news has caused the ‘Loonie’ to fall to its lowest level since 2011.
The Canadian Dollar Exchange Rate was in the region of 0.9550 against the US Dollar as of 14:30 GMT
Separate reports have shown that retail sales climbed by less than forecast in April while the Canadian inflation rate accelerated slower than predicted.
Although economists had anticipated that Canada’s consumer price index would advance by 0.9 per cent in May following Aprils 0.4 per cent gain it actually only rose by 0.7 per cent.
The core rate came in at 1.1 per cent for a second month.
Meanwhile, retail sales climbed by just 0.1 per cent in April to 39.5 billion Canadian Dollars. Economists had expected a 0.2 per cent gain.
The lacklustre results prompted one industry expert to comment: ‘We don’t think it’s likely that the Canadian economy can lean on the consumer to generate much growth going forward.’
After the reports were published the Canadian Dollar declined against the majority of its most traded peers, shedding 0.9 per cent against its US counterpart.
The Canadian Dollar to US Dollar Exchange Rate hit a low of 0.9536 US cents
Earlier in the local session the ‘Loonie’ gained as the price of a major Canadian export, crude oil, rose.
The Canadian Dollar’s movement prompted currency strategist Greg T. Moore to state: ‘The fact that Canadian data is really the only thing going on in North America today means that there might be more focus on it. Retail sales and CPI are key figures for domestic data – that adds to the idea it might be fairly market moving.’
Current Canadian Dollar (CAD) Exchange Rates
< Down > Up – Little Changed
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9550 <
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7258 <
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6191 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0366 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2418 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6129 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0471 >
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3698 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8055 >
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9647 >
(Correct as of 14:30 GMT)
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