The Canadian dollar rose against its US counterpart, but fell versus the euro and the Japanese yen. Mixed economic reports from Canada’s major trading partner, the United States, led to confusion and lack of general direction for the currency.
According to Institute for Supply Management, US manufacturing Purchasing Managers’ Index fell from 54.2 to 51.3 in March. It was expected to rise to 54.2. Meanwhile, construction spending rose 1.2 percent in February after falling 2.1 percent in January. One bad report and one good report do no help to create a clear picture about wellbeing of the US economy.
The loonie managed to rise against the greenback amid the confusing data. At the same time, the currency fell for the third straight session against the euro and posted the fourth consecutive daily drop versus the yen.
USD/CAD traded at 1.0162 as of 00:13 GMT today after falling from 1.0173 to 1.0165 yesterday. EUR/CAD was at about 1.3061 following the rise from 1.3026 to 1.3061. CAD/JPY traded near 91.51 after dropping from 92.58 to 91.66 on the previous trading session.
If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.