FX report for the week ending November 18, 2016
It’s time for another Rate Tracker from theCurrent! Every Monday 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 US dollar was almost unchanged against the Canadian dollar on Friday after the Canadian inflation data came out in line with expectations.
- The loonie also found support as oil prices moved higher on Friday, following growing hopes for a production cut deal.
- The USD/CAD pair closed the week at 1.3513, as the USD was able to maintain its gains based on sustained optimism over the strength of the US economy and increasing expectations for a rate hike in December by the Federal Reserve.
EUR and CAD
- The euro was weaker against the loonie for 5 days consecutively last week, with the euro slipping 2.48% from the previous Friday to close at 1.4314 on November 18, 2016.
- The euro also weakened after the ECB president Mario Draghi said earlier Friday that the central bank will continue to act as warranted using all instruments available.
- The euro is expected to face heavy selling pressure against major currency rivals as political fears take centre stage once more.
GBP and CAD
- The British pound has fallen over the past week against the Canadian dollar as the loonie benefits from the steady rise in oil prices.
- The GBP started last Monday strong at 1.6934 but was unable to maintain its gains as uncertainty still surrounds the UK’s upcoming Brexit from the EU.
- The GBP/CAD pair closed on Friday lower at 1.6695.
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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