Yesterday was a step in the right direction for the Canadian dollar, as it rebounded along with other commodity currencies, like its Australian counterpart, after last week’s decline. A rally in Chinese equities and a rise in commodity prices lifted global markets – as a result, Canada’s benchmark index increased by 1%. As a consequence, the Canadian currency rose almost 1 % against the US dollar. With an array of data out today – including the Bank of Canada rate statement – we can expect more movement in the Canadian dollar. However, which direction this will be in is down to the nature of the results.
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