FX report for the week ending December 23, 2016
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It’s time for another Rate Tracker from theCurrent! Every week we’ll provide charts and information giving you a quick rundown of how the Canadian dollar fared against three of the world’s most important currencies – the US dollar, the euro, and the pound sterling. You can also find important news and other events that could affect the dollar in an easy to read table. We hope this will help connect you even more to Continental and the wide world of foreign exchange. Enjoy!
USD and CAD
- The loonie weakened to a five-week low against the US dollar on Friday, as a result of unexpected data which showed reduction in Canada’s economy at the start of the fourth quarter and lower oil prices
- Meanwhile, the US economy continues to grow as the final GDP was revised upwards to 3.5%, exceeding expectations of 3.3% with a previous GDP of 3.2%
- The USD/CAD pair closed the week at 1.3535
EUR and CAD
- The Canadian dollar was lower against the euro, with EUR/CAD advancing 1.49% from the previous week’s close, to end on Friday at 1.4141
- There are no European releases until Thursday when the M3 money supply data is scheduled for release
GBP and CAD
- The British pound recovered against the loonie on the morning of Friday, December 23, after the UK Q3 GDP was revised up to 0.6% from 0.5% previously
- The GBP/CAD pair closed the week on Friday at 1.6581
- There is no significant data expected out of the UK this week
News with Possible Impact on Currencies
Sources: Bank of Canada, Forex Factory, Continental Currency Exchange. Track currencies for yourself with our FREE Rate Watch.
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