The Canadian dollar has fallen against the US dollar recently as wavering optimism over recovery and a decline in Chinese stocks reduced demand for the higher yielding currencies. Yesterday however, a recommendation from Goldman Sachs to take up short positions on the CAD sent it to a one week high against the US dollar, with Canadian exchange rates gaining 0.8%.
Canadian exchange rates were also supported by news that wholesale sales advanced 0.6% in June, the highest level in 9 months. The Bank of Canada predicted that the economy will return to growth in the third quarter. Strong inflation figures this week have also supported the view that the economy will return to growth and rate hikes are possible in future.
Canadian exchange rates are currently valued at GBP0.55 and USD0.92.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.