Canadian Dollar Exchange Rates

Forex Trading and Currency Exchange Rates – Dollar Gains Vs Yen and Euro

(Best Syndication News) The dollar fell vs the euro and yen early but trended higher later (see forex tables below). The commodity currencies like the Canadian and Australian dollars were hit hard early Monday (Sunday PST).

The dollar (USD) declined 1.75 percent vs the euro (EUR), 0.91 percent vs the Japanese yen(JPY), 0.99 percent vs the British pound sterling (GBP) and 1.47 percent vs the Swiss franc (CHF), but gained 1.15 percent vs the Aussie (AUD) and 0.22 percent vs the Canadian dollar (CAD). See the average chart below for more details.

The dollar turned around vs the euro and yen throughout the day (see intraday chart below). The greenback gained 0.69 percent vs the yen, 0.18 percent vs the Hong Kong dollar and 6.44 percent vs the Australian.

The Canadian dollar fell versus all major currencies with the exception of the Aussie (see cross tables below). The euro and yen gained vs all major currencies.

While stocks in Europe closed lower on Monday, European markets are opening higher. The Hang Seng was down 415.51 points (-1.98%) to 20,530.63 while the Shanghai index declined 90.07 points (-3.43%) to 2,536.35. In Japan the Nikkei 225 fell 202.32 points (-2.18%) to 9,097.56. In mid-morning the DAX index declined slightly (8:28 GMT) but the FTSE 100 is higher and the CAC-40 is up more than one percent.

Investors in the euro are hopeful the European Central Bank (ECB) will begin buying member bonds. The central bank has said they are could buy Spanish and Italian bonds if the countries accelerate their fiscal reforms.

On Monday the State Secretariat for Economic Affairs (SECO) reported that the unemployment rate is down to 2.8 percent. Economists had expected that number to be 3 percent.

Last week Standard and Poor’s downgraded the U.S. debt rating from AAA to AA+. The rating agency said they could downgrade the sovereign debt to AA over the next couple years. “Near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed,” the agency said in the report.

On Friday the longer term Treasury bond and note rates advanced (see U.S. Treasury Analysis chart below). The 20-year and 30-year bonds increased 12 basis points (bps) while the 10-year note rose 11 bps.

By: Tom Madison

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Using Canadian Dollar Exchange Rates | Suite101.com

The value of the Canadian dollar is determined in the foreign exchange market. There is no pre-established value, instead the market influences the changes in Canada’s currency exchange. The Bank of Canada calculates and maintains exchange rates data for current and historical periods. The main uses for the official exchange rates are for currency research and analysis.

These rates are also accepted by Canada Revenue Agency. Commercial rates are generally used as the basis for business transactions; these may be different from the Bank’s rates. This article presents tips on how to use the Bank of Canada and commercial exchange rate tools for the Canadian dollar.

Canada’s currency effective exchange rate also known as “CERI” is an index of the exchange rates for the Canadian dollar versus the currencies of six other countries. These countries represent Canada’s largest import/export partners.

The US dollar, Yen, Euro, Chinese Yuan, Mexican Peso and the British Pound form the basket of currencies measured against the Canadian dollar. The Canadian dollar monthly exchange rates based on the "CERI", related data and formula are provided at the Bank of Canada’s website. The "CERI" is an index based on trades between Canada and its six largest commercial partners; this is recommended for economic and currency research.

In addition to the monthly currency index, the Bank of Canada provides daily and monthly rates. These rates are recommended for use in analysis and are not based on the currency’s buy and sell volume. Rates are quoted in Canadian dollar translated from the US dollar. The following are some of the exchange rate tools provided by the Bank of Canada:

Canada: selected issues

International Financial Management

Exchange Rate Theory and Practice

United States-Canada free trade, an evaluation of the agreement

Foreign Exchange Markets