The Canadian dollar is rising again
Canada's national currency resumed growth after a recent decline.
The Canadian dollar strengthened against the U.S. currency earlier this week. The "loonie" continued to recover after reaching a five-month low last week. Much of the reason for this is the fact that investor appetite for risky assets has put pressure on the US dollar.
The Canadian dollar exchange rate rose by 0.4%, and now it is worth USD 1.358, that is, 73.64 US cents per CAD 1. Recall that at the beginning of last week the Canadian dollar rate reached the lowest level since March 28 — CAD 1.3694 per USD 1.
The U.S. dollar once again slightly gave up its position against a basket of major currencies. On Wall Street, on the other hand, there is growth, as investors were expecting data on inflation in the U.S., which is to be published on Wednesday.
The price of crude oil, one of Canada's main exports, fell 0.3% to USD 87.29 per barrel, but is holding near a 10-month high after another cut in oil production by Saudi Arabia and Russia.
The growth of the Canadian dollar occurred amid the publication of more positive than expected labor market data, which, however, in turn, kept the likelihood of another interest rate increase by the Bank of Canada this year. Last week, the Central Bank left the key rate at 5%, and the next rate decision will be made on October 25.
The full article is only available to members of the Immigrant.Today community. Log in to your account to read it for free.
