Currency Note Worldwide

Canada records major losses; can they reverse this today?

By Smart Currency October 7th, 2015

Tuesday was a woeful day for the Canadians as their dollar fell in value against most major currencies, barring its US counterpart. This was due to much worse than expected trade balance figures in the early afternoon, which hit lows not seen since 2012; exports fell 3.6 per cent to C$44 billion, including a 20.9 per cent drop in crude oil. These figures contradict the suggestions that Canada’s economy is in rebound from the low oil prices – however, these results may well be skewed due to a poor August, as it is widely expected to improve this quarter.

Today Canada will release their building permit numbers at 1.30pm. Four or the last five sets of results come out above expectations, so Canada will be hoping for much of the same to try and regain some of the strength that was relinquished yesterday.

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