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Canadian Dollar to US Dollar (CAD/USD) Exchange rate- ?Loonie? erases gains on BOC Gov comments

Published: 6 Jun at 4 PM Tags: Euro, Dollar, Pound Sterling, America, Eurozone, Canadian Dollar, USA, Canada, Japan,

The Canadian Dollar has weakened against its US relation after the Bank of Canada’s new governor Stephen Poloz told lawmakers in Ottawa that he expects the country’s economy will be supported by a recovery in demand for Canadian exports.

Poloz also told policy makers that he won’t be giving a ‘running commentary’ on whether the nation’s currency is overvalued. Instead it is thought he will focus on making the nation’s exports more appealing to foreign importers. He said that improving momentum in global demand will benefit Canadian exporters and the economy more than a weaker currency.

“The message is pretty much on par with what we’ve heard from the Bank of Canada , volatility can be expected in jumpier markets,” Greg T. Moore, a currency strategist at Toronto-Dominion Bank, said by phone from Toronto. “The jobs report tomorrow is probably going to have bigger implications.”

“We are now seeing signs of recovery in some important external markets, notably the United States and Japan, and there is continued growth in emerging-market economies,” Poloz said today at a parliamentary hearing in an opening statement released on the bank’s website.

The US Dollar meanwhile weakened against the Euro and Pound after the latest unemployment claims data fell by a smaller than expected number. According to the US Department of Labour, the number of people filing for initial jobless benefits in the week ending June 1st declined by 11,000 to a seasonally adjusted figure of 346,000. Economists had been expecting a decline of 12,000 to 345,000.

As of Thursday, 6th June 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1777, GBP USD exchange rate was 1.5596, GBP CAD exchange rate was 1.6023, and GBP JPY exchange rate was 151.7244.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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