Last week the combined impact of the Federal Reserve announcing its intention to bring quantitative easing to an end by the middle of next year and some less-than-impressive domestic data left the Canadian Dollar languishing close to a two-year low against its US counterpart.
The Canadian Dollar Exchange Rate was in the region of 0.9501 against the US Dollar as of 14:20 GMT
And with volatile global economic news thin on the ground today the commodity-driven currency continues to trade below 1.05 Canadian Dollars and 95 US cents.
Last week separate reports showed that Canadian retail sales rose by less than expected in April while the nation’s inflation rate accelerated by less than forecast.
The CAD/USD pairing weakened to its lowest level since October 2011
As the North American session began the ‘Loonie’ shed 0.7 per cent against the Greenback.
In response to the Canadian Dollar’s movement one forex expert commented: ‘There’s no technical levels left any more, they’re all gone. US yields is the number one story that’s driving global equities low, it’s driving global commodities lower, and it’s got people kind of panicking out of emerging market currencies, and secondarily, out of the commodity currencies.’
The ‘Loonie’s bearish relationship with the US Dollar was exacerbated as the ‘Greenback’ broadly strengthened on the expectation that this week’s US economic data will show that the world’s largest economy is recovering at an improved pace.
Canadian economic news to watch out for this week includes:
Thursday – Canadian Average Weekly Earnings (Which gained by 3.2 per cent in April YoY)
Friday – Canadian GDP (Which is forecast to have stagnated in April after expanding 0.2 per cent in March)
Canadian Industrial Product Price (Which declined by 0.8 per cent in April)
Canadian Raw Materials Price Index (Which fell by 2.2 per cent in April)
Current Canadian Dollar (CAD) Exchange Rates
< Down > Up – Little Changed
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9501 <
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7259 <
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6172 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0295 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2340 >
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6204 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0538 >
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3769 >
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8124 >
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9716 >
(Correct as of 14:20 GMT)
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