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Canadian Dollar (CAD) - BER Currency Guide

In this currency guide we look at :


  1. CAD General Info
  2. CAD Market View
  3. CAD News & Updates
  4. CAD Cross Rates

Canadian Dollar General Info

The three letter currency code for the Canadian Dollar is CAD and the symbol is $. It is the domestic currency in Canada.

Representing a little more than 5% of the foreign exchange market’s daily turnover, the Canadian dollar (ISO: CAD) is the world’s sixth most traded currency. Frequently called the ‘loonie’ by foreign exchange traders due to the image of a loon (an aquatic bird) on Canada’s one-dollar coin, the currency’s value is heavily influenced by commodities prices, particularly oil. For this reason, the Canadian dollar is often labelled a ‘petro-currency’. Canada currently has the world’s third largest oil reserves and is the world’s fourth largest oil exporter.

Canadians are mostly concerned with the value of their currency against the US dollar, since nearly 80% of Canadian exports go south of the border. In the past two decades, the Canadian dollar’s lowest value against its US counterpart occurred in January 2002 when the CAD/USD exchange rate traded at just 0.6178. The currency’s two-decade high occurred in November 2007 (following a boom in the oil price) when CAD/USD reached 1.1041.



CAD - Market View

CAD surged on September 6th when the Bank of Canada unexpectedly raised interest rates to 1.0%, from 0.75%. Most analysts had been predicting a move later in the year.

The bank said in September that a 1.0% interest rate was justified in light of second quarter GDP data, which showed Canada’s economy growing at its fastest pace in nearly six years (4.5%).

The BoC’s decision took CAD to long-term highs against many currencies, including to a 26-month high of 0.8203 against the US dollar (USD/CAD 1.219) and to a 21-month high against the yen of 89.74.

In September, Dutch bank ABN Amro predicted CAD/USD would rise to 0.893 (USD/CAD 1.12) by the end of 2018. As its reasons, ABN cited “strong conviction” on future US dollar weakness, future commodity price rises, an improvement in global trade and further rate hikes by the Bank of Canada.

With two rate hikes under its belt since July, the Bank of Canada is one of only two major central banks (together with the US Federal Reserve) to have entered a policy tightening cycle.

Analysts at Scotiabank predicted in September that Canadian interest rates would rise to 1.75% by the end of 2018.

CAD/USD - 21:23 EDT

1 Day  1 Week: Canadian Dollar was down against the United States Dollar with the CAD/USD at 0.8104, a drop of -0.21% and also down for the last 7 days with a drop of -1.12%.

3 Month Trend: CAD/USD is trading higher in the 3-month range [Hi:0.8265, Lo:0.7537] and for the quarter is up 7.07%.


Canadian Dollar - News & Market Updates

Canadian Dollar – Fri Sep 22: CAD Up vs GBP and Down vs USD, EUR, MXN, INR, AUD & PHP.

Canadian Dollar was friday down -0.1% against the United States Dollar, down -0.15% against the Euro, down -0.94% against the Mexican Peso, down -0.09% against the Indian Rupee, down -0.48% against the Australian Dollar, up 0.47% against the British Pound Sterling and down -0.88% against the Philippine Peso. CAD 7 Day Cross-Rate Charts Read on... View article >
Currency:
Posted on 22 September 2017 | 9:16 pm GMT
Author: BER Research

Pound Upbeat Ahead of Theresa May’s Brexit Speech

Sterling GBP/USD 1 Week Chart The Pound (GBP) advanced against most of its peers earlier this morning as markets appeared to be cautiously optimistic about Theresa May’s Brexit speech in Florence later this afternoon. Observers expect the Prime Minister to propose a two-year transitional deal, to start at the end March 2019 in order to... View article >
Posted on 22 September 2017 | 9:43 am GMT
Author: TorFX

Canadian Dollar – Thu Sep 21: CAD Up vs MXN, INR, AUD & PHP and Down vs USD, EUR & GBP.

Canadian Dollar was down -0.06% against the United States Dollar, down -0.46% against the Euro, up 0.6% against the Mexican Peso, up 0.76% against the Indian Rupee, up 1.25% against the Australian Dollar, down -0.67% against the British Pound Sterling and up 0.1% against the Philippine Peso. CAD 7 Day Cross-Rate Charts Read on for... View article >
Currency:
Posted on 21 September 2017 | 9:16 pm GMT
Author: BER Research

US Dollar Surges as Fed Announces Beginning of Balance Sheet Unwinding

Sterling GBP/USD 1 Week Chart The Pound (GBP) advanced against the majority of its peers yesterday following a better than expected retail sales report. Markets were upbeat as data showed retail sales jumped from an upwardly revised 0.7% to 1% in August, outpacing forecasts that sales growth would have slowed to 0.2% and increasing the... View article >
Posted on 21 September 2017 | 9:11 am GMT
Author: TorFX

Canadian Dollar – Wed Sep 20: CAD Up vs EUR and Down vs USD, MXN, INR, AUD, GBP & PHP.

Canadian Dollar was down -0.35% against the United States Dollar, up 0.63% against the Euro, down -0.29% against the Mexican Peso, down -0.43% against the Indian Rupee, down -0.43% against the Australian Dollar, down -0.1% against the British Pound Sterling and down -0.36% against the Philippine Peso. CAD 7 Day Cross-Rate Charts Read on for... View article >
Currency:
Posted on 20 September 2017 | 9:16 pm GMT
Author: BER Research

All Eyes on Federal Reserve Ahead of Key Policy Announcements Today

Sterling GBP/USD 1 Week Chart The Pound (GBP) struggled to advance yesterday as rumours circulated that Foreign Secretary Boris Johnson may quit Theresa May’s cabinet in protest over her plans for Brexit. While Johnson was quick to deny these claims, the reports of a split at the top of the Conservative leadership over the government’s... View article >
Posted on 20 September 2017 | 9:21 am GMT
Author: TorFX

Canadian Dollar – Tue Sep 19: CAD Up vs USD, MXN & INR and Down vs EUR, AUD, GBP & PHP.

Canadian Dollar was up 0.09% against the United States Dollar, down -0.31% against the Euro, up 0.29% against the Mexican Peso, up 0.38% against the Indian Rupee, down -0.57% against the Australian Dollar, down -0.13% against the British Pound Sterling and down -0.12% against the Philippine Peso. CAD 7 Day Cross-Rate Charts Read on for... View article >
Currency:
Posted on 19 September 2017 | 9:16 pm GMT
Author: BER Research

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