Currency Note Worldwide

Canadian dollar finally enjoys a good day

By Ricky Bean October 30th, 2013

Elsewhere yesterday, we saw the Canadian dollar strengthen against the majority of its most traded peers and, after a difficult few weeks, finally begin to make up some ground against sterling. The strength came about amid speculation in the market that the US Federal Reserve will announce a decision to maintain monetary stimulus later today. Any US monetary stimulus is good news for the Canadian dollar, with the US being Canada’s primary export destination. The Australian dollar weakened against all of its 16 most-traded peers after Monday night’s statement from the governor of the central bank, in which he signalled that the currency’s recent strength was not an accurate representation of economic fundamentals. Despite better-than-forecast retail sales, the Japanese yen struggled as confidence in the marketplace suppressed demand for the safe-haven currency. A fairly quiet day data-wise today means that traders will be looking towards any announcement from the Federal Reserve to drive market movements. Late this evening we have a decision on interest rates from the Bank of New Zealand. Get in touch with your trader for a live rate.