This article was last updated on April 16, 2022
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The Canadian dollar has appreciated for the fourth consecutive day after economic growth recovered to the maximum in the past three years in the second quarter, mostly due to exports and household spending on big-ticket items. According to a statement issued by the Commerce Department from Washington yesterday, the currency extended a weekly advance against its U.S. peer as Canada’s growth has picked up along with the American economy, which grew at a 4.2 percent annualized second-quarter pace,.
Meanwhile, Bank of Canada Governor Stephen Poloz speculated that it might take another two years to use up slack that built up in the world’s 11th largest economy. Whereas director of foreign exchange trading at Scotia Capital Inc., i.e. a unit of Bank of Nova Scotia, David Bradley, mentioned during a phone from Toronto that “even though the headline data came in stronger than the market was expecting, it wasn’t that much stronger that it’s going to cause the Canadian dollar to appreciate too much.” It was added that “Wwe had a little bit of a move down to the lows we’ve seen recently” for the U.S. dollar.
According to the report, the loonie increased by 0.2 percent to C$1.0844 per U.S. dollar at 9:04 a.m. in Toronto. Whereas beforehand it had reached C$1.0831 and to C$1.0829 on Aug. 27, i.e. the strongest since July 29. Therefore, it was concluded that the loonie’s weekly gain reached 0.9 percent since a monthly advance to 0.6 percent. However, it’s still down 1.6 percent this quarter and 2 percent year-to-date.
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