This article was last updated on April 16, 2022
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The Canadian dollar appeared to have braced itself for the first time in three days in light of rallying commodities including crude oil, i.e. the nation’s biggest export. The currency traded not far from a two-month low before October employment reports for the U.S. and Canada are scheduled to be released later this week. These statistics are anticipated to reflect the economic drag caused by the 16-day U.S. government shutdown last month.
In a separately released report, Canadian business spending shows increased activity in October. A market analyst in Washington at Western Union Business Solutions, i.e. a unit of Western Union Co., Joe Manimbo, predicted during a phone interview that “any time you see oil appreciate, that tends to be supportive of Canada’s currency.” It added “but I just think the broader market move is one where the dollar has ceded some ground on caution before the U.S. numbers.” The Canadian dollar increased by 0.1 percent to C$1.0447 per U.S. dollar at 8:52 a.m. in Toronto. Consequently, currency acquired C$1.0497 per U.S. dollar Oct. 30, i.e. the lowest since September.
Analysts conceded that the Canadian currency experienced a boost in light of the report which showed building permits increased in September less than forecast. StatsCan mentioned today in Ottawa that the value of Canadian building permits increased by 1.7 percent to C$6.54 billion ($6.26 billion), following a revised 20 percent drop in August. A latest survey shows economists are now forecasting a 6 percent gain in future.
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