Although commodity concerns kept left the Canadian Dollar fluctuating against several of its biggest currency rivals, the ‘Loonie’ was able to hit a fresh four-week high against the US Dollar during the local session.
The Canadian Dollar Exchange Rate was in the region of 0.9843 against the US Dollar as of 14:20 GMT
Despite the World Bank cutting its global growth outlook from its former estimate of 2.4 per cent to 2.2 per cent and Asian stocks declining, an unexpected rise in Australian employment (and an unforeseen fall in the nation’s unemployment rate) helped the ‘Loonie’ advance.
As forex expert Jack Spitz observed: ‘There’s been marginal out-performance for the Canadian Dollar on the back of strength in Australia, as well as safe-haven flows. There’s an overall offer to the US Dollar against risk-related currencies, such as the Japanese Yen and the Australian Dollar.’
The Canadian Dollar was able to trade in the region of 98.33 US Cents and C$1.065.
The commodity-driven currency was lent further support as the US (Canada’s main trading partner) released some positive economic data.
US retail sales climbed by 0.6 per cent in May, the most significant increase for 3 months and 0.2 per cent more than expected.
In response to the report economist Brian Jones asserted: ‘The consumer seems to be faring very well. The labour market is getting better. People realise that the employment situation has improved so they feel better and are probably willing to go out and spend money.’
US jobless claims also dropped to 334,000 in the week ending June 8. Economists expected the figure to hold at 346,000.
In Canadian economic news, the nation’s new housing price index advanced by more than expected in April, with the cost of new homes advancing by 0.2 per cent month-on-month rather than the forecast 0.1 per cent.
Prices were up 2.0 per cent on the year, rather than the 1.9 per cent predicted.
However, the Canadian capacity utilization rate for the first quarter (which measures to what extent manufacturing companies are utilising their productive capacity) failed to meet expectations, coming in at 81.1 per cent rather than the 81.5 per cent predicted. The fourth quarter figure was revised to 80.5 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: 0.9843 >
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7391 >
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6279 >
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0277 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2318 <
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5926 <
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0165 <
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3529 <
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8126 >
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9727 >
(Correct as of 14:20 GMT)
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