Japanese Yen Versus The Canadian Dollar – Who Won?
The first rate of the New Year was significantly better for the Canadian dollar, as it soared up to 89.3599. And there was better news yet on the very next day, which saw the dollar rise further to 88.6436. When this was followed by an exchange rate of 88.9343 the day after, you would have been forgiven for thinking this was going to be a very one sided battle.
And indeed it did seem to be like that. The Canadian dollar broke through the 90.0 barrier the following day, claiming 90.2697 as it went. It stayed in that territory until the 11th of the month as well, when it finally dropped back to 89.9182.
So what would happen next? Was this the start of a fight back by the yen or was there more in store as the month wore on?
As it turned out the yen certainly did seem to be fighting back. Indeed, the Canadian dollar would not return to those heady heights of a 90.0 exchange rate for the rest of the month. The question then was how low it would end up going.
The 13th was unlucky to an extent for the Canadian dollar as it dipped down further to 88.2973. It then fought back to consolidate a better position on 88.9305 the day after, before ending the week on 88.6388.
So it seemed that nothing was quite as easy as it had been at the beginning of the month for the Canadian dollar. And in fact the following week saw it begin to dip further, falling to 87.0963 initially and then down to 85.5214 to close out the week just two days after that.
What would happen now? It looked as if the Japanese yen had the bull by the horns now, and it didn’t look as if it was going to let go either. On the 26th of the month, as the final week progressed, the rate dropped to 84.4036 and the Canadian dollar didn’t seem to have any answer to it. One day later it was lower still at 84.1180.
The 28th of the month was a last ditch attempt by the Canadian currency to try and get back in the running. But it was too little too late in this case, and it resulted in an exchange rate of 85.2401. The Japanese yen would have the last word here, and it was recorded as 84.5282 the very next day.
So after all that the Canadian dollar lost out on a total of 3.494 over the whole of January. It wasn’t the start to the year it had hoped for, but perhaps February will prove to be better.
