Last week the ‘Loonie’ plummeted against the US Dollar as Canadian inflation sank to its lowest level since 2009, slashing the odds of the Bank of Canada raising rates in the foreseeable future. Today the Canadian Dollar has fallen further as the price of a key commodity dipped.
The Canadian Dollar Exchange Rate was in the region of 0.9794 against the US Dollar as of 14:50 GMT
Ahead of the publication of several pieces of influential economic data from the US, and Federal Reserve Chairman Ben Bernanke’s testimony regarding US fiscal policy, the price of crude oil slipped, shedding $0.49 per barrel.
Consequently, the Canadian Dollar lost ground against its US counterpart, fell to an over two-week low against the Euro and edged lower against a broadly strengthening Yen.
The Yen was able to recoup recent losses after Japan’s Economy Minister intimated that if the Asian currency continued to decline it could prove damaging to the Japanese populace. Meanwhile, Japan’s Cabinet Office upgraded its monthly status of the nation’s economy, stating: ‘The Japanese economy is picking up slowly.’
This week Canadian news is a little thin on the ground, with the main piece of data to look out for being Wednesday’s retail sales figures. Economists have forecast a month-on-month gain of 0.2 per cent to follow February’s 0.8 per cent advance.
Significant market volatility can be expected to follow several important developments in the US in the days ahead, including the publication of minutes from the Fed’s latest policy meeting. China’s flash manufacturing PMI will also be a major cause 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: 0.9720 <
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7564 <
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6391 <
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.9952 <
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1969 <
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.5643 >
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0286 >
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.3234 >
The New Zealand Dollar/Canadian Dollar Exchange Rate is currently in the region of: 0.8376 >
The Australian Dollar/Canadian Dollar Exchange Rate is currently in the region of: 1.0050 >
(Correct as of 14:50 GMT)
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