The Canadian Dollar has edged higher against the US Dollar rising from a one-year low due to speculation that the Federal Reserve may not cut its monetary stimulus programme as soon as investors were expecting.
The ‘Loonie’ has edged up against the majority of its most traded peers despite commodity prices declining, including crude oil, the nation’s largest export as data showed that Chinese manufacturing fell.
The Canadian currency declined by 1% yesterday after Fed Chairman Ben Bernanke testified in Washington that, as the ‘labour market improves in a real and sustainable way, the committee will reduce the flow of purchases.”
“Yesterday markets seemed unstoppable, with the rally carrying all before it,” said market analyst Chris Beauchamp of IG in London.
“Ben Bernanke’s testimony seemed to fire the starting gun on yet another rally in risky assets, but not even 24 hours later the mood has switched from greedy to fearful. That said, even if this does turn into a sustained down move over a period of a week or two the fundamental narrative of central bank easing and improving economic data should reassert itself.”
US jobless claims in the States fell by 23,000 to 340,000 in the week ending on May 18th. Economists had expected a decline to 345,000.
Current Canadian Dollar (CAD) Exchange Rates
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9640
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7492
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6404
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0009
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.2004
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5614
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0373
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3347
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8330
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.9990
(Correct as of 15:00pm GMT)
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