The Canadian dollar notched a one-week high against its U.S. counterpart on Friday after data showed a spike in domestic inflation, but some gains were pared ahead of a Bank of Canada interest rate decision next week.
The Canadian dollar hit a two-week low against its U.S. counterpart on Wednesday, pressured by lower oil prices and a drop in domestic retail sales, but pared some losses after Federal Reserve minutes fell short of a hawkish tone.
Jean MacDonald, left, assistant manager, and Sherry White, manager of the Great Canadian Dollar Store at Spring Park Plaza in Charlottetown, display some of the Ty beanies toys the store will be selling.
USD/CAD has posted gains in the Thursday session. Early in North American trade, the pair is trading at the 1.31 line. On the release front, Canadian Corporate Profits posted a gain of 3.6%. This marked a second straight gain after four straight declines.
Analysts are somewhat amazed by the “sheer cussedness” of a Canadian dollar now worth more than 76 cents (U.S.). Some don't understand why the loonie isn't sinking as they'd expected, and wonder if markets are “complacent” given the threat to ...