Canadian Dollar Benefits from Poor U.S. Data
The Canadian dollar pared some of the losses occurred this week as risk appetite rose significantly before the end of this Friday’s session, allowing the loonie and other currencies tied to growth to outperform a weakened U.S. dollar.
After a report in the U.S. showed a decrease in seasonally adjusted existing home sales figures, the loonie rose versus its U.S. counterpart, also helped by an increase in risk appetite as the Asian economy produced better than expected data this Friday, allowing stocks and commodities to trade high before markets closed.
USD/CAD closed at 1.0513 from as high as 1.0675 this week.
If you want to comment on the Canadian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.
Earlier News About the Canadian Dollar:
- Risk Averse Scenario Moves Loonie Charts (2010-02-26)
- Loonies Decline Halted on Fed Comments, Oil Rebound (2010-02-24)
- Global Economic Concerns Impact Loonie's Price (2010-02-23)
- Loonie Starts Week Bearish on Copper, Stocks (2010-02-22)
- Loonie Up Despite U.S. Discount Rate (2010-02-19)