The Canadian dollar fell against the US dollar and the euro today as mixed economic data released from Canada was not helping the currency. At the same time, the loonie outperformed the extremely weak Japanese yen.
Building permits, released today, showed growth of 0.8% in July, which was far smaller than the analysts’ consensus forecast of 3.2%. Yesterday, the Bank of Canada made a decision to keep interest rates stable. Now, traders wait for tomorrow’s Canadian employment report. Experts predict it to show decent growth by about 16,000 jobs.
While the Canadian currency was soft against some of its counterparts, it has rallied versus the yen. The Japanese currency has been mostly flat during the first half of the Tuesday’s trading session but is now trading lower against the vast majority of its peers.
USD/CAD rose from 1.2884 to 1.2917 as of 18:19 GMT today, bouncing from the daily low of 1.2850. EUR/CAD went up from 1.4478 to 1.4533, though it has retreated from the session maximum of 1.4609. Meanwhile, CAD/JPY climbed from 78.93 to 79.33 after touching the daily minimum of 78.58.
If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.
