Fxpips.com – The US Dollar to Canadian Dollar exchange rate got a major boost as of Friday in reaction to strong US data as oil prices dipped below 50 USD anew.
Estimates of a sluggish Canadian gross domestic product reading weighed heavily on the Canadian currency exchange rates (CAD) as of Tuesday, with markets becoming very worried about the forecast of the country's economy.
Brent crude price has had some difficulty keeping its recent upward momentum prior to the latest meeting of Organization of Petroleum Exporting Countries, with oversupply worries seen to reduce the attractiveness of the shaky commodity in the coming months.
The USD/CAD exchange rate was poised to cap last week's session closer to the week's opening levels of 1.3111 after momentarily dropping to a weekly low of 1.2915. On Friday, the currency pair trended around the 1.3060 region.
The US greenback was down in the middle of last week's session as traders' started to take back bets that the central bank could increase key interest rate this month.
A host of hawkish Fed policymakers were not able to convince investors to hike bets too high as forecasters warned of possible global economic downturn in June, such as the possibility of a 'Brexit'.
However, Thursday and Friday's market data were good enough to see the US currency lifted as investors waited for statements from Fed Chair Janet Yellen.
Meanwhile, the British Pound to Canadian Dollar exchange rate (GBP/CAD) converts at 1.893 as of Wednesday. Forex market analysts see the loonie vs pound exchange rate converting at 0.528.
Source ↔ Download Lagu Online