The Canadian dollar fell against its US peer today as traders were speculating about an end to Federal Reserve’s quantitative easing. At the same time, the currency was little changed versus the euro and rose against the Japanese yen.
The US dollar was firm today, following strong performance against commodity currencies last week. The rally of the greenback resulted in weakness of other currencies.
Mark Carney will conduct his last meeting as Bank of Canada President tomorrow. No change to monetary policy is expected. Canada’s economy looks good enough to withstand difficulties without easier monetary policy, but not good enough to warrant an interest rate hike.
USD/CAD was up from 1.0337 to 1.0401 as of 20:12 GMT today, the highest rate since June 5. EUR/CAD rose a little from 1.3366 to 1.3374 after falling to 1.3331. CAD/JPY went up from 97.59 to 98.27 and its daily high was at 98.99.
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