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Canadian Dollar to US Dollar Exchange Rate Climbs Away from 3-year Low; Loonie vs Pound Sterling & Euro Yearly Low

December 31, 2013 - Written by Tim Boyer

The Canadian Dollar to US Dollar exchange rate (CAD/USD) edged away from a three year low as investors raised their bets that the currency’s recent declines had been occurred to quickly and to sharply after the Federal Reserve announced that it would be tapering its monetary easing programme in 2014.

Despite the move higher the Canadian currency is still on track to post a yearly decline against the US Dollar. The ‘Loonie’ is also on track to make a yearly low against the Pound and Euro as well as other peers.

“We’re seeing some marginal recovery in the Canadian Dollar, primarily on rebalancing and position squaring, One can make an argument that if risk continues to take a bid, then I think some of those drivers that we’ve seen a few years ago will likely come back into the forefront and could push the Canadian dollar stronger as a risk-related currency,” said Jack Spitz, managing director of foreign exchange at National Bank of Canada.

The ‘Loonie’ is down 7.3% against the ‘Greenback’ this year, the currency’s biggest annual decline since 2008, while dropping 3.2 percent in the fourth quarter and 0.3 percent this month.

Against the Euro the Canadian Dollar hit a four-day high despite data released in the Eurozone showing that retail sales figures in Greece and Portugal came in better than expected. Industrial production in Portugal also beat economist forecasts suggesting that the regions much vaunted economic recovery is not dead.

Important Canadian Dollar Exchange Rates Today (11:45 GMT 31/12/2013)



The Canadian Dollar to Australian Dollar exchange rate is trading down -0.05% at 1.05235 CAD/AUD.
The Canadian Dollar to Euro exchange rate is trading up +0.39% at 0.68299 CAD/EUR.
The Canadian Dollar to Pound Sterling exchange rate is trading down -0.06% at 0.56917 CAD/GBP.
The Canadian Dollar to New Zealand Dollar exchange rate is trading up +0.03% at 1.14367 CAD/NZD.
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The Canadian Dollar to US Dollar exchange rate is trading up +0.09% at 0.94026 CAD/USD.
The Canadian Dollar to South African Rand exchange rate is trading up +1.04% at 9.89795 CAD/ZAR.
The Pound Sterling to Canadian Dollar exchange rate is trading up +0.06% at 1.75695 GBP/CAD.
The Euro to Canadian Dollar exchange rate is trading down -0.39% at 1.46415 EUR/CAD.
The US Dollar to Canadian Dollar exchange rate is trading down -0.09% at 1.06354 USD/CAD.
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