How Did The US Dollar Fare Against The Canadian Dollar?

The US dollar started off the batting with a rate of 1.0577 against the Canadian dollar at the end of February.  But could it do better than this, or would the month’s best results go in favor of the Canadian dollar?

Two days in and it seemed as if the latter would be true.  The Canadian dollar pushed the US dollar back down to 1.0355, and two days after that it dipped down to 1.0294.  It finished the week slightly better off on 1.0315 but there was clearly going to be a battle here.

The US dollar tried to gain a stronger foothold over the duration of the following week, but once again it found itself with an uphill battle.  And in fact it didn’t succeed in making things better for itself – it only made them worse.  By the close of play on Friday evening the currency markets saw the US dollar settling for a lower rate of 1.0180.

It seemed as if the US dollar was destined to reach the point of virtual parity with the Canadian currency.  After a reasonable start it had lost any idea of momentum it might have had, and ended up with a much lower and more disappointing rate as a result.  Could it turn the month around and have a better second half than first half, or was the Canadian dollar very firmly in charge?

The next week started strongly with the US dollar bagging a rate of 1.0180 on Monday evening.  But even this was only a tiny amount up on where it had started.  And once again any small increase during the week was soon swallowed up by the Canadian dollar pushing back at it.  The final rate for this week was even worse at 1.0087 – just a fraction above parity this time.

Monday brought one of the biggest jumps in the month though, as the US dollar managed to claw its way up to 1.0235.  The question now was whether it could keep it there.  The 23rd saw it fall back to 1.0190 before regaining a rate of 1.0234 the following day.  This was truly an up and down week and there was no chance of knowing what the outcome would be.  As it turned out the US dollar did well and finished on 1.0275, which must have been something of a relief.

The end of the month was in sight though and the US dollar would fall again before the days were out.  The final rate was 1.0154, which was still significantly lower than the rate we had started the month with.  Let’s hope the US dollar can find new reserves of strength next month, and we can have better results to report on.