fbpx Skip to main content
Updates (2013-2014)

Canadian Dollar Morning Update

By September 24, 2013No Comments
Expected USD/CAD Range: 1.027 – 1.033 Update: Better than expected July retail sales figures in Canada firmed up the Canadian Dollar earlier this morning. But the loonie almost immediately gave up its gains on weaker oil prices and is now trading roughly flat to yesterday’s levels at around 1.030. The USD is stronger against most other major currencies and there is quite a bit of focus on the schedule of Fed speakers this week as the market continues to seek clarity on the status of future tapering decisions by the Fed. We continue to think that the Canadian Dollar will remain at these levels for the near future. The Big Picture: The commodity boom has seemingly 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.  Closer to home, Canada’s new central banker is optimistic about our recovery but shows no inclination towards raising rates in the next several quarters.  As a result of all of this and not surprisingly, the CAD has declined over 3% 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.