The Canadian Dollar to US Dollar exchange rate was in the region of 0.9984 as of 2:20 pm
Prior to the release of today’s gross domestic product figures for the nation the Canadian Dollar experienced mixed trade results against the majority of its main competitors.
Despite German unemployment figures declining unexpectedly, and additional, less positive data showing a greater-than-forecast drop in German CPI levels for January, the Canadian currency made a slight advance against the Euro. Against the US Dollar and Japanese Yen the ‘Loonie’ held steady.
But after news broke that Canada’s economy actually expanded by 0.3 per cent on the year in November (the fastest pace seen for seven months and 0.1 per cent above the above the level predicted by economists) the Canadian Dollar posted further gains against its European counterpart.
The faster than anticipated economic growth was largely due to progress in Canada’s key sectors – mining, energy and manufacturing.
As expected the Canadian Industrial Price Index remained flat.
However, the ‘Loonie’s movement against the US Dollar was tempered as investors processed the news that although US jobless claims increased by significantly more than predicted, consumer spending in the nation rose in December, responding to the strongest income growth for 8 years.
As consumer spending forms the largest part of the US economy the extent to which it contributed to overall growth as last year came to a close slightly offset concerns triggered by the 38,000 weekly climb in jobless claims. The median estimate of economists was for an increase of roughly 20,000 claims.
As a commodity-driven currency, and one whose fortunes are closely linked to US economic stability, the Canadian Dollar may continue to experience movement as a result of this latest news in the hours ahead.
Current Canadian Dollar Exchange Rates
The Canadian Dollar to Euro exchange rate is currently trading at 0.7368
The Canadian Dollar to Pound Sterling exchange rate is currently trading at 0.6313
The Canadian Dollar to US Dollar exchange rate is currently trading at 0.9984
The Canadian Dollar to Australian Dollar exchange rate is currently trading at 0.9585
The Canadian Dollar to New Zealand Dollar exchange rate is currently trading at 1.1980
The Canadian Dollar to Emirati Dirham exchange rate is currently trading at 3.6627
The Canadian Dollar to Swiss Franc is currently trading at 0.9094
The Canadian Dollar to Japanese Yen exchange rate is currently trading at 90.7847
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