The Canadian dollar is currently trading at 1.3365 (USD/CAD) or 0.74824 (CAD/USD) after reaching its strongest intraday level since May 8 at 1.3322 against the US Dollar. The Canadian dollar benefitted from a trifecta of positive news on multiple fronts today.
Wednesday’s release of Canadian GDP data surpassed expectations, with the annualized growth rate registering at 3.1%, exceeding the projected range of 2.3% to 2.5%. Will GDP growth, along with strong…
Heading into the Memorial Day long weekend down south, there is tempered optimism that a potential debt ceiling deal is starting to take shape, most likely because politicians prefer not to work on long weekends.
The Canadian dollar hit its weakest level against the US dollar since April 28th, reaching 1.3644 on Thursday. A drop in oil prices and a lack of progress in the US debt ceiling negotiations contributed to the weakening of the Canadian dollar against the US dollar.
