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On Friday, the Canadian dollar was nearly intact versus its American rival because Canada’s currency held on to this week's revenues even after data disclosed that the American economy managed to expand at its fastest tempo for almost four years.
The Canadian dollar leapt by 0.1% showing C$1.3061 against the US currency.
For the week, the Canadian dollar found itself on track to tack on by 0.7%. Canada’s currency has been spurred by firmer-than-anticipated domestic data as well as easing of trans-Atlantic trade tensions.
Currently, Canada runs an account deficit, therefore its economy could be affected if the flow of capital or trade speeds down.
This week’s penetration by the currency pair USD/CAD of a soaring trend line since April has set investors up for extra Canadian dollar appreciation over the next weeks.
By the way, Canada is currently in talks with the United States and Mexico to modify the North American Free Trade Agreement. On Thursday, the United States and Mexico made up their mind to step up negotiations on modifying NAFTA. By August they’re expected to come to a compromise on key issues.
Extra upbeat noises on NAFTA could potentially spur expectations for another interest rate lift in October.
The major financial institution has had its benchmark interest rate lifted twice in 2018. Financial markets hope for a greater-than 60% likelihood of an October lift.
Meanwhile, the evergreen buck headed south versus a group of currencies because the firm American data didn’t manage to soothe concerns that trade clashes would appear to be a drag in the second half of this year.
American crude futures lost 1.3% coming up with a reading of $68.69 a barrel. By the way, crude turns out to be the country’s crucial exports.
As for Canadian government bonds, they slumped.
On Friday, the evergreen buck moderately rallied versus its counterparts, staying on track for posting consecutive weekly profits for the first time since November…
Will we finally see any price action for Bitcoin?
On Thursday, digital coins declined due to the fact that JP Morgan uncovered its own crypto asset expected to help the well-known bank to settle payments between its customers…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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