Canadian dollar rebounds

 Yesterday was a step in the right direction for the Canadian dollar, as it rebounded along with other commodity currencies, like its Australian counterpart, after last week’s decline. A rally in Chinese equities and a rise in commodity prices lifted global markets – as a result, Canada’s benchmark index increased by 1%. As a consequence, the Canadian currency rose almost 1 % against the US dollar. With an array of data out today – including the Bank of Canada rate statement – we can expect more movement in the Canadian dollar. However, which direction this will be in is down to the nature of the results.  Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.

CANADIAN DOLLAR RALLIES AS ECONOMIC SYSTEM EXPANDS, RETREATS

The Canadian dollar rose yesterday as economy expanded, following a period of contraction. Yet the currency retreated today amid fears concerning a potential US government shutdown.

Canadian gross domestic product grew 0.6 percent in July, matching traders’ expectations. The economy shrank 0.5 percent in June. The report was definitely positive for the loonie, so it is not a surprise that the currency has rallied.

CANADIAN DOLLAR ADVANCES ON GDP FIGURES

After Canada posted positive quarterly gross domestic product figures, the national currency benefited on the economic outlook and optimism, advancing versus most of the 16 main traded currencies in foreign-exchange markets.