Skip to main content
Updates (2013-2014)

Canadian Dollar Morning Update

By November 14, 2013No Comments
Expected USD/CAD Range: 1.046 – 1.052 Update: The Canadian Dollar is now trading right at the 1.050 mark. The move is a reflection of the overall strength of the US Dollar this morning and comes after a volatile twelve hours. Yesterday afternoon, Janet Yellen, the future chairman of the Fed argued that much further US economic progress is needed before stimulus is reduced. That led to a significant drop in the US Dollar. But by this morning the greenback had regained all of that ground and then some, especially against commodity currencies like the loonie. The Big Picture: Canada’s new central banker is cautiously optimistic about the economy but shows no inclination towards raising rates in the next several quarters.  In fact, the low dollar policy being pursued by the bank suggests no interest rate moves until 2015.  Globally, the commodity boom has ended (or is at least sputtering).  Relatedly, Chinese and other emerging market economies have slowed notably and while some of the data from China is encouraging, it is becoming clear that sub 8% growth in China is here to stay.  At the same time, the ongoing (admittedly halting) recovery in the US will sooner or later lead to a tapering of the Fed’s bond purchase programs.  As a result of all of this and not surprisingly, the CAD has declined over 6% relative to the USD since the beginning of the year.  We expect the CAD to be even lower relative to its US counterpart by the end of the year.


Are you looking for a better exchange rate?

Get the best exchange rate

Receive daily updates on Canadian dollar

Account to Account Service at Interchange Currency Exchange

Account to Account

If you have US dollar bank account in Canada and are looking to convert in your bank account at better rates than offered by your bank, then this service is for you.

Cash transactions at Interchange Currency Exchange

Cash

We have exchange rates that are much better than the banks and we charge no fees.

Money Transfer services at Interchange Financial

Money Transfer

If you are transferring money internationally or receiving money from overseas, we can help you save money as well because of our better exchange rates.