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The CAD - Canada Dollar weekly update 31 Jan 2012
In this week's
update:
The Canadian dollar and the pound matched each other blow for blow, covering a one and a half cent range to open in London this Monday unchanged from a week earlier. Against the US dollar, the Loonie recovered to parity – one for one – for the first time in three months.
There were not many Canadian economic statistics to help it along, but the couple that did appear were good enough. The leading index, an indicator of future likely economic performance, was stronger than expected and retail sales rose by 0.3% in November in line with forecast.
Otherwise the only factor to drive the CAD higher was a continuing confidence among investors that Euroland would solve its sovereign debt problem and so prevent the world from falling apart. Although that solution is far from a done deal, as long as market optimism lasts it will support the currencies of Canada and other commodity-exporting countries.
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