The Canadian And US Dollars Meet Up During November
The Canadian dollar was worth 0.9277 US dollars as November got underway. But what would it be worth just one month later – more or less? Let’s find out.
Well the first few days certainly went in favor of the Canadian dollar as it finished up on 0.9412 by the 4th of the month. It dropped back a little by the end of the week but that still left it on a healthy 0.9333.
The following week got underway in a similarly enthusiastic fashion as the Canadian dollar worked itself up to a high point of 0.9581 against the US dollar. As we saw the week before it performed a similar feat by dropping back slightly to end on 0.9497, but there was still no doubt as to which currency was performing best on the currency converter.
What happened next was more interesting still. The next week saw an up and down battle that seemed to indicate the dollar was trying to fight back. So we had rates varying from 0.9571 one day to 0.9453 the next, and then back up to 0.9552 again. But by the end of the week it looked as though the US dollar was finally getting the upper hand and we were looking at an exchange rate on Friday night of 0.9331.
So what would happen next? Would the US dollar be able to build on this good news and do better still the next week? Or would the Canadian dollar have something else to battle with?
It looked to be going the way of the Canadian dollar the following day as the markets closed with the Canadian dollar claiming 0.9445 against the US dollar. Another small increase to 0.9465 occurred the following day and then up again to 0.9554.
But the midweek point of the 25th turned out to be the highest point of the week for the Canadian dollar. From there onwards the US dollar took control and drove it back down to an exchange rate of 0.9328 by Friday evening. So there was life in the US dollar yet, and every chance that it could still come out on top by the end of the month.
But we had one more day of trading left to go and by the time that was up the Canadian dollar stood at 0.9459. Where did that leave it as opposed to where it started off way back on the first?
The starting figure was 0.9277 so it had clearly done well against the US dollar over the month. It had put on nearly two whole cents all in all, putting it in a nice position to start December on.
The US dollar didn’t exactly have the best month all round in November, but perhaps December will see it ending the year on a better note. We can but wait and see to find out the answer. But at present it seems as if the power is with the ‘loonie’.
