Sunday, 28 August 2011

Canadian Dollar Jumps, Ending Very Good Week

The Canadian dollar jumped these days, ending in the week without losses against its US counterpart, as risk appetite, caused by the advance of the Greek scenario, spurred demand for higher-yielding currencies.

Canada’s gross domestic product was unchanged in April after increasing 0.3 p.c in March, whereas a drop by 0.1 p.c was expected. Crude oil, the main Canada’s export, advanced 4.2 p.c in the week, the most important weekly gain since the week ended April 8. The unexpected increase of the producing buying Managers’ Index of the US, the main trading partner of Canada, was also positive for the Canadian currency.

Next week we will also see some positive news. Analysts estimated that range of building permits in Canada grew by five.1 p.c in could. Some negative reports also are expected. For significantly, Canadian employment modification was twelve,700 in June, down from twenty two,300 in May.

USD/CAD closed today at 0.9583 after it opened at 0.9631 and rose to 0.9649. EUR/CAD fell from 1.3966 to 1.3919. CAD/JPY climbed from 83.58 to 84.24.

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