Posted On: August 25, 2011
Currencies competing with the Canadian dollar lost value Wednesday following news about increased July orders for durable goods in America to levels higher than economists projected, according to
Durable goods orders rose 4 percent, almost twice the 2.2 percent gain economists had forecast, the Canadian Press reports
"The Canadian dollar is contained to a very narrow range," foreign exchange
director Blake Jespersen of the Bank of Montreal BMO Capital Markets unit told Bloomberg. "There is very good buying of the Canadian dollar around the 99 cent level, and we see good support at 98.50.”
The loonie performed strongly against the dollars of New Zealand and Australia.
Eyes are rapidly turning to Ben Bernanke, the chairman of the U.S. central bank who presently is enjoying Day One of the Fed's annual retreat in Wyoming. On Day Two, the chief is slated to deliver a speech that many observers believe might include references to additional strategies of strengthening the U.S. economy or providing stability to spooked U.S. markets.
The monetary units of the U.S. and Canada, who share what often is termed "The Friendliest Border in the World," are closely connected because the nations enjoy close financial, economic and commercial ties.
Category: Industry News
Foreign Exchange Services for Business
With a focus on payment services, Western Union Business Solutions enables businesses of all sizes to send funds internationally through our global payment solutions.
See our available FX payment services