The Canadian dollar rose today as the Canadian trade balance deficit shrank and the consumer confidence in the US, the biggest Canada’s trading partner, improved. Still, the currency is heading for the weekly decline.
Canada’s trade balance deficit shrank from C$2.3 billion in September to C$1.7 billion in October. The median forecast was C$2.0 billion. The preliminary University of Michigan consumer sentiment index rose from 71.6 to 74.2. The analysts’ estimate was 72.4.
The currency still poised for the weekly drop. January futures on crude oil, which accounts for 21 percent of the Bank of Canadaâs Commodity Price Index, slipped as much as 1.1 percent today to $87.42 per barrel in New York. The Bank of Canada kept the interest rates unchanged at 1 percent on December 7th and may refrain from the rates hikes for some time.
USD/CAD fell from 1.0160 to 1.0086 as of 19:03 GMT today. EUR/CAD dropped from 1.3375 to 1.3348.
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