Canadian Dollar swinging wildly
The Canadian Dollar has been swinging wildly today with multiple forces acting on the 'Loonie' due to current events and future expectations.
Initially, the announcement of a 2.5% increase in oil prices following slowed drilling in the US was enough to bolster the Canadian Dollar by more than a cent against Sterling and GBP/CAD rates fell to 2.045. USD/CAD also took a hit down to 1.318.
However, there was also weakness for the CAD on most currency pairings as we await the speech this evening by...
GBP/CAD the focus today
GBP/CAD was the focus pairing for the Canadian Dollar today. We are still waiting for the US interest rate decision on Thursday, but there are no new indicators on the probability for this decision, at least none which are obvious enough to affect USD/CAD rates currently.
Today inflation data for the UK economy was released which came in as expected, but still disappointingly low. Inflation for August were stable at 0.0%, but being on the precipice of deflation is doing little to help the value...
CAD – Calm before the storm
CAD rates have been relatively stable today ahead of what is expected to be a volatile week and month as we near the interest rate decision in the US on Thursday and Canada's election on the horizon.
The first major event to affect CAD rates will be the interest rate decision for the US. It's too close to call. Recent data emerging from the US economy paints a strong picture. Unemployment at 5.1% certainly tops the list, but this is also occuring in a period...
