The Canadian dollar weakened today against its US counterpart as the stocks dropped and on the outlook for the slower growth of the employment in Canada. The currency rose against the euro.
The analysts estimated that the Canadian employers added 11,300 jobs last month after the 35,800 increase in August. The Standard & Poor’s 500 index dropped as much as 1.3 percent. Crude oil, the biggest Canada’s export, was little changed today, rising 1 percent and falling 1 percent later before it closed at $81.67 per barrel on NYMEX.
The signs of the slower economic growth in Canada, the falling stocks and also the concerns about the economy of the US, the largest Canada’s trading partner, decrease the possibility of the increase of the interest rates by the Bank of Canada. The lower chance damp the demand for the Canadian dollar, which investors were buying on the outlook for the rates hikes after Canada first among the Group of Seven Nations raised its interest rates.
USD/CAD rose from 1.0194 to 1.0230 today as of 22:38 GMT, while EUR/CAD fell from 1.4049 to 1.3995.
If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.
Be First to Comment