USD/CAD Plunges Lower Despite Strong Housing Data? - Kakiforex.com - Financial Market Media No. 1 in the World USD/CAD Plunges Lower Despite Strong Housing Data? USD/CAD Plunges Lower Despite Strong Housing Data?

April 24, 2021

USD/CAD Plunges Lower Despite Strong Housing Data?

 The Canadian dollar today rose higher against other currencies on Friday as the U.S. dollar fell sharply and preliminary estimates showed that factory sales rose in March, with the Canadian dollar continuing to strengthen for the fourth week in a row.


Canadian plant sales rose 3.5% in March from February according to the Canadian Department of Statistics. This carries an indication that the Canadian economy is recovering.


The US dollar index, which measures the greenback against other currencies, fell 0.28% to 91.067 as of 11.20 p.m.



New Home sales in the U.S. jumped 20.7% in March to a seasonally adjusted annual rate of 1,021,000. This reading is much better than February which recorded a decline of 16.2%.


This report does not have much of a significant impact on the performance of the greenback against its competitors.


The Canadian dollar traded 0.1% higher at 1.2486 or 80.09 US cents, after trading in the range of 1.2470 to 1.2508. For this week alone, the Canadian dollar has risen 0.1%.


On Wednesday, the loonie touched a one -month intraday high at 1.2455 after the Bank of Canada signaled that it would start raising interest rates by the end of 2022. The central bank boosted Canada’s economic outlook sharply and reduced its bond -buying move.