Hot Demand For Canadian Currency

Canada, once seen as a sidelined country that was not a topical discussion in its role in top moving markets, has now reached a new height of spotlight. The Canadian Currency has recently reached a new 7 week high streak. The strengthening of the currency may be due to a stronger reported housing price, growing 0.2 percent from reports and 0.1 percent from last months price. As many has seen, most of the negative news has already been exploited; however, good news are just beginning to emerge. Previous forecast of negative news such as oil pricing, has made a turn for a more favorable affect on the Canadian economy. Furthermore, the Canadian Bank has put a projection of a increase in interest rates.

The currency rate of Canadian dollar has rose .4 of a percent in comparison to the USD. The conversion rate for 1 Canadian dollar is equivalent to $1.0105 U.S dollar. Canadian bond rates however, decreased, where a the 10 year bond dropped .02 percent to rate of 1.78 percent.

Written by: Victor To

Source: http://www.bloomberg.com/news/2013-04-11/canadian-dollar-reaches-7-week-high-on-commodity-linked-demand.html

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