The Canadian dollar continued its positive start to the week, pushing on against most other major currencies. This was due to better-than-expected figures in growth and inflation, which have led market investors to speculate that there is a chance that the currently low Canadian borrowing rates might be raised. This would theoretically signify an improved economy, which should strengthen the Canadian dollar. This recent strength for the Canadian dollar is much needed, as it was just last month it was trading at four-year lows against the US dollar.
Today we expect Canadian trade balance figures, which report the difference between import and export, and are expected at $0.2 billion in favour of export.
Wondering what this means in terms of currency strength? Looking to buy or sell currencies? Contact your trader for the latest rates and updates, as well as for currency-purchasing solutions.