Recent reports show the Canadian economy may be recovering at a more rapid pace than expected, triggered a rise in risk appetite and gains for the Canadian dollar's exchange rate. Last week's unemployment data showed the Canadian economy added 27,100 jobs as opposed to losing 44,500 last month. Jobless figures in the US also showed the pace of unemployment is slowing.
The news led the loonie 0.2% higher against the US dollar last week, with an intra-day gain of 1.8%. The Canadian currency joins the Australian dollar and Norwegian krone with its rapid rise on the back of increased risk appetite. The Bank of Canada is due to make an interest rate decision on September 10.
The Canadian exchange rate is currently at GBP0.5660 and USD0.9285.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.