Currency Note Worldwide

Canadian dollar suffers

By Smart Currency August 19th, 2013

Elsewhere on Friday we saw the Canadian dollar struggle. For the first time in three days, the Canadian dollar lost ground against its US counterpart as figures showed a drop in manufacturing sales throughout June, fuelling concern that the nation’s growth is lagging behind that of its biggest trade partner. Despite a good start to last week, the manufacturing sales data topped off what was a difficult month for the Canadian economy, and this could be reflected in Canadian dollar weakness over coming weeks. Friday also saw the Indian rupee dive to its lowest level since 2009 amid increasing speculation that the US will scale back its monetary stimulus. This week we have some significant data releases. Overnight tonight we have the release of the minutes from the Reserve Bank of Australia’s monetary policy meeting, the contents of which will be a key indicator of future interest rate decisions. The end of the week will be influential for the Canadian dollar, with retail sales and inflation data being released . Get in touch for a live rate.