Canadian Dollar Grows on Improving Conjuncture
Canadian dollar rose this week again, after its sharp turn back from the
This growth was predated by the signs that the U.S. economy won’t be heading into recession soon. Canada is heavily relying on its commodities export and the possible weakening of its major consumer pressed significantly on the national currency.
While the U.S. dollar was losing against all other major currencies this week, except the Great Britain pound, on Friday it began to recover its losses. The Canadian dollar stood out as the exception, being a
The week opened with USD/CAD being at 1.0094 rate, the trading ended yesterday near the 0.9951 mark, showing more than 1.4% growth for the loonie, out of which 75 pips were gained particularly on Friday.
If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.
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Earlier News About the Canadian Dollar:
- Canadian Dollar Doomed to Lose in 2008? (2008-01-07)
- Canadian Dollar Falls Sharply (2007-12-15)
- Bank of Canada Cuts Overnight Rate (2007-12-04)
- Canadian Continues to Fall (2007-11-27)
- Canada Confirms Dollar Too Overvalued (2007-11-26)
4 Comments
The Canadian Dollar needs to be at par with the USD but not peg. It had remain under valued for a long time. Exporter might complain but they need to be more realistic The Euro is now much stronger then the USD but eurozone is this doing well.
When is the best time to buy into Canadian Dollars if I am holding Sinagpore Dollars position now
In my opinion it’s not a good idea to go long on CAD/SGD. I think Singapore dollar has a better potential for growing than Canadian dollar.
The Cad and US Dollar issue — at times mixed up with national issues — realistically should CAD be too strong against US$..Will investments be drawn away from Canada to US markets — Canadian products will become too costly. Although higher CAD will bring about cheaper imports provided the other global currencies appreciated against the US$…Why do Candians want their dollars to be higher than US$? As it is many Candian cities are already over -priced!