Currency Note Worldwide

Canadian dollar benefits from US calm

By Ricky Bean October 22nd, 2013

Elsewhere yesterday we saw the Canadian dollar perform well, logging gains against the majority of its most-traded peers as markets anticipated tomorrow’s employment figures out of the United States. As Canada’s biggest trading partner, the figures out of the US are likely to be influential on the Canadian economy. As the figures are forecast to be strong, traders looked to buy in to the Canadian dollar throughout the day. It was a strong start to what promises to be an interesting week for the Canadian dollar, with a number of important releases and events coming up. We also saw the Japanese yen struggle yesterday as monthly trade balance figures showed export levels had slowed, as the country continues a record run of trade deficits. Looking forward to today, we have monthly retail sales data out of Canada. Though usually influential, the figures may not have such an impact on the currency’s value as traders anticipate the central bank’s interest rate decision tomorrow. We also have quarterly inflation figures out of Australia. Get in touch with your trader for a live rate.