FX report for the week ending January 13, 2017
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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
- With the crude oil prices climbing above $50 level, the commodity based Canadian dollar was able to move higher against the USD during the week. However, a decline in oil prices of Friday limited the gains of the loonie against the US dollar
- Mixed US data and the ongoing uncertainty over the Trump administration’s future policy moves did little to help the USD last week, while positive data in Canada helped support the loonie ahead of the Bank of Canada’s interest rate decision which is scheduled for release on January 18, 2017
- The USD/CAD pair was almost unchanged on Friday, closing the week at a near 3 months high of 1.3126 against the greenback
EUR and CAD
- Signs of eurozone recovery showed up last week as most data out of the Euro area came out better than expected
- The main event this week for the euro is the interest rate decision and it is expected that the European Central Bank will maintain its interest rates at 0.00% on the 19th of January, 2017
- The EUR/CAD pair closed the week on Friday at 1.3962
GBP and CAD
- The British pound continued to slip against the loonie last week, backed by fears of a Hard-Brexit
- The main news for the British pound over the past week were “reports that Theresa May will make immigration a red line in upcoming Brexit negotiations, which suggests the UK is to give up seeking access to the European single market”
- The GBP/CAD pair ended the week at 1.5998
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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