24 Jun

Canada's dollar pushes onward

Canada's currency rose for a second day in a row as traders eagerly await the incoming policy statement form the US Federal Reserve's Open Market Committee. The Organization for Economic Cooperation and Development helped boost its forecast for the nation's economic growth and a US government report sent North American stocks soaring. Both of the previous advances are what helped the loonie strengthen to as much as 0.7% against the US dollar.

The boost in Canada's economic growth is the re-adjustment from a 3% decrease in the economy, down to only a 2.6% decrease. Other positive news for Canada is the prediction that their gross domestic product will grow 0.7% next year, which is faster than the Paris think-tank's estimate. Lastly, a rise in US durable goods data had a positive impact for more risk appetite, as a result strengthening the Canadian dollar.

Canada's dollar currently has an exchange rate of USD0.8696, EUR0.6228, and GBP0.5292.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.