Currency Note Worldwide

Canadian dollar continues downward trend

By Smart Currency December 5th, 2013

Elsewhere yesterday, we saw the Canadian dollar continue its decline, trading at 2010 lows against its US counterpart in anticipation of yesterday afternoon’s rate decision. Although we did not see a reduction in interest rates, the central bank Governor eluded towards future rate cuts whilst highlighting the dangers of low inflation. The Australian dollar had a tough time of it yesterday following weaker than forecast GDP figures. After a steady campaign by policy makers to talk down the Aussie dollar, yesterday’s figures further highlighted how interest rates may yet be lowered again. The South African rand also weakened yesterday, for the third day in a row, amid concern that any tapering of US monetary stimulus will leave the nation struggling to tackle its current account deficit. Early this morning we had trade balance figures out of Australia, and looking forward to today we have building permit and PMI data out of Canada. Get in touch with your trader for a live rate.