The Canadian dollar continued to rise today as positive macroeconomic data from China and the United States invigorated performance of commodity currencies and made them more attractive to Forex traders.
China’s non-manufacturing Purchasing Managers’ Index rose from 54.5 to 55.6 in March. US factory orders jumped 3 percent in February after falling 1 percent in January. The favorable reports added to the positive market sentiment, making investors seek higher yield.
Not everything was positive for currencies related to raw materials though. The Standard & Poorâs GSCI Index of commodities declined 0.2 percent. Crude oil, Canada’s major export, was among losers, falling by 0.2 percent.
USD/CAD was near 1.0149 as of 2:03 GMT today after falling from 1.0166 to 1.0145 yesterday. EUR/CAD went down from 1.3006 to 1.2991, while CAD/JPY advanced from 92.03 to 92.21.
If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.