Connect with us

Business and Economy

Canadian dollar up over 80 cents against US dollar for first time in two years

Published

on

An American $100 dollar bill (PHOTO BY 401(K) 2012, CC BY-SA 2.0)

An American $100 dollar bill (PHOTO BY 401(K) 2012, CC BY-SA 2.0)

TORONTO, July 25— The Canadian dollar climbed above 80 cents against US dollar Monday morning amid a weaker US currency for the first time since June 30, 2015.

The Canadian dollar rose because of strong data on manufacturing sales and a glowing assessment of the country’s economic outlook by the International Monetary Fund.

The Canadian currency has been rising since the middle of June when speculation that the Bank of Canada might raise interest rates started in earnest.

The central bank raised its key interest rate on July 12, its first rate increase since 2010.

Since bottoming out at the start of May, the Canadian dollar has gained nearly 10 percent through June and July due to a series of strong data points about the Canadian economy, including a strong job market, booming retail sales and factories ramping up production.

While the Canadian dollar has been doing some of the heavy lifting on its own, it’s also getting a boost from weakness in the US dollar. (Xinhua)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Maria in Vancouver

Lifestyle1 week ago

Upgrade Your Life in 2025

It’s a brand new year and a wonderful opportunity to become a brand new you! The word upgrade can mean...

Maria in Vancouver4 weeks ago

Fantabulous Christmas Party Ideas

It’s that special and merry time of the year when you get to have a wonderful excuse to celebrate amongst...

Lifestyle1 month ago

How To Do Christmas & Hanukkah This Year

Christmas 2024 is literally just around the corner! Here in Vancouver, we just finished celebrating Taylor Swift’s last leg of...

Lifestyle2 months ago

Nobody Wants This…IRL (In Real Life)

Just like everyone else who’s binged on Netflix series, “Nobody Wants This” — a romcom about a newly single rabbi...

Lifestyle2 months ago

Family Estrangement: Why It’s Okay

Family estrangement is the absence of a previously long-standing relationship between family members via emotional or physical distancing to the...

Lifestyle4 months ago

Becoming Your Best Version

By Matter Laurel-Zalko As a woman, I’m constantly evolving. I’m constantly changing towards my better version each year. Actually, I’m...

Lifestyle4 months ago

The True Power of Manifestation

I truly believe in the power of our imagination and that what we believe in our lives is an actual...

Maria in Vancouver5 months ago

DECORATE YOUR HOME 101

By Matte Laurel-Zalko Our home interiors are an insight into our brains and our hearts. It is our own collaboration...

Maria in Vancouver5 months ago

Guide to Planning a Wedding in 2 Months

By Matte Laurel-Zalko Are you recently engaged and find yourself in a bit of a pickle because you and your...

Maria in Vancouver6 months ago

Staying Cool and Stylish this Summer

By Matte Laurel-Zalko I couldn’t agree more when the great late Ella Fitzgerald sang “Summertime and the livin’ is easy.”...