The Canadian dollar jumped today, ending this week without losses against its US counterpart, as risk appetite, caused by the improvement of the Greek situation, spurred demand for
Canada’s gross domestic product was unchanged in April after increasing 0.3 percent in March, while a drop by 0.1 percent was expected. Crude oil, the main Canada’s export, advanced 4.2 percent this week, the biggest weekly gain since the week ended April 8. The unexpected increase of the Manufacturing Purchasing Managers’ Index of the US, the main trading partner of Canada, was also positive for the Canadian currency.
Next week we can also see some positive news. Analysts estimated that number of building permits in Canada grew by 5.1 percent in May. Some negative reports are also expected. For particularly, Canadian employment change was 12,700 in June, down from 22,300 in May.
USD/CAD closed today at 0.9583 after it opened at 0.9631 and rose to 0.9649. EUR/CAD fell from 1.3966 to 1.3919. CAD/JPY climbed from 83.58 to 84.24.
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