The Canadian dollar is getting some help against the US dollar today, thanks to the economic outlook, as well as a bit of risk appetite as tension in the Middle East ease a little bit. With expectations that the Canadian economy will be able to hold its own, the loonie is getting a little help.
The latest Canadian economy data was better than expected, with the jobs forecast surprising to the upside. While the US jobs report disappointed, the Canadian report blew the expectations away. Additionally, there was better than expected housing data for August as well. The idea that the Canadian economic recovery would trail the US recovery is being re-evaluated, and the loonie is higher against the greenback as a result.
Also helping the Canadian dollar today is the risk appetite that is emerging in the wake of a possible diplomatic solution in Syria. With the United States postponing a vote on military action, there are hopes that things can be resolved without bombs. This is providing a bit of a boost for riskier assets, like the loonie.
At 14:43 GMT USD/CAD is down to 1.0342 from the open at 1.0349. EUR/CAD is up to 1.3750 from the open at 1.3731. GBP/CAD is also higher, up to 1.6324 from the open at 1.6283.
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