FX report for the week ending September 30, 2016
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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/CAD W.E Sep-30-2016 Highlights
- It was an active week for the USD/CAD pair as the Canadian dollar recovered against the USD on Wednesday starting after the release of the report on crude oil inventories.
- The commodity-related Canadian dollar also found support after the OPEC countries said late Wednesday that it agreed to reduce output to a range of 32.5-33.0 million barrels per day
- The loonie was able to maintain its gains against the USD on Friday closing at 1.3117, as strong Canadian economic growth data boosted the Canadian currency
EUR/CAD W.E Sep-30-2016 Highlights
- The euro traded higher at the start of the week on the back of stronger business confidence, as the German IFO report came out better than expected.
- In the eurozone, official data on Thursday showed disappointing results as the number of unemployed people in Germany rose by 1,000.
- On Friday, the euro’s rebound followed declines linked to Deutsche Bank’s stock and debt, which has been under pressure.
- The loonie ended the week higher against the euro with the euro down 0.35% from its close last week Friday.
GBP/CAD W.E Sep-30-2016 Highlights
- The UK released positive data on the last day of the month with the GDP and Current Account data coming out better than expected.
- However, the sterling remained on a continuous downtrend closing the week against the loonie at 1.7004, a 0.41% drop from the close of the previous 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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