The Canadian dollar enjoyed the weakness of the US dollar to push forward to fresh multi year levels. USD/CAD went as low as 0.9866 before rising again. This came despite weak figures from Canada so far this week – two housing sector figures came out worse than expected.
Nevertheless, the retreat of the US dollar, and the positive outlook from the Bank of Canada pushed CAD/USD higher. And, also oil is recovering, due to various reasons, and this sure helps the Canadian dollar.
Further levels below are 0.98 and 0.97. Above, 0.9930 and 0.9977 are significant before USD/CAD parity.
The strength is significant on the backdrop of the fall in the another commodity currency – the Australian dollar, which falls due to the floods in Australia.
For more, read the Canadian dollar forecast.