Results from a positive second quarter in economic growth and rising exports saw the Canadian dollar basking in a more positive outlook. The Loonie had been struggling under the pressures of the uncertainties surrounding the North American Free Trade Agreement (NAFTA). There were also waves created by current diplomatic tensions with Saudi Arabia this week, but the Loonie was undeterred and made small gains during the week against the pound.
This week strategists have spoken of a potential rebound after difficult times for the Canadian dollar if the Bank of Canada is to react to the recent positive economic data. If Canada can also win over Washington with the NAFTA, there may be no stopping the Loonie in months to come.