The Canadian Dollar Exchange Rate was in the region of 0.7417 against the Euro as of 14:25 pm
Although disappointing US factory order data and Spanish/Italian political concerns caused the ‘Loonie’ to fall against its US counterpart before the close of trade yesterday the commodity-driven currency has experienced a rebound.
After risk-appetite was boosted by better-than-forecast data out of Europe the Canadian Dollar rallied against its American rival.
Eurozone services PMI, compiled by Markit Economics, defied economists’ expectations by coming in at 48.6, up from December’s 47.8 and 0.3 higher than previously estimated. This result offset a poor retail sales figure for the currency bloc and drove investors towards higher-yielding assets.
Following the news futures for crude oil, Canada’s most significant export, rose, pushing the ‘Loonie’ upwards against safe-haven assets.
One strategist commented: ‘The general characterization that we’re coming into a risk-on day is correct. Just looking at some of the data overnight, there’s some modest positives and then at the same time we did have a fairly sharp selloff yesterday, so I think it’s just a bit of a bounce back.’
Further Canadian Dollar movement could occur following the release of US ISM non-manufacturing figures, which are expected to show an improvement from last month.
In the days ahead investors will want to be focusing on Canadian data, including Ivey SA PMI and New Housing Price index figures. If either piece of data disappoints the ‘Loonie’ could shed recent gains. Fluctuations are also likely to occur in response to influential German and US indicators.
Current Canadian Dollar Exchange Rates
The Canadian Dollar to Euro exchange rate is currently trading at 0.7417
The Canadian Dollar to Pound Sterling exchange rate is currently trading at 0.6372
The Canadian Dollar to US Dollar exchange rate is currently trading at 1.0024
The Canadian Dollar to Australian Dollar exchange rate is currently trading at 0.9644
The Canadian Dollar to New Zealand Dollar exchange rate is currently trading at 1.1852
The Canadian Dollar to Emirati Dirham exchange rate is currently trading at 3.6822
The Canadian Dollar to Swiss Franc is currently trading at 0.9108
The Canadian Dollar to Japanese Yen exchange rate is currently trading at 93.3935
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