The Canadian Dollar And US Dollar Fight It Out For Supremacy

At the end of April the Canadian dollar was worth 0.9952 US dollars.  The first exchange rate as the first day of trading in May got underway ended up being 0.9862, so the Canadian dollar did lose a little ground there to start with.

What was more notable was that the Canadian dollar continued to slide as we checked the figures on the currency converter throughout that first week.  Before too long we were staring at an exchange rate of 0.9634 on Friday night.  The US dollar was doing well to begin with – but would things stay this way as we progressed through the month?

Luckily for the Canadian dollar it did start to fight back for the following week.  This was when the dollar achieved a rate of 0.9788 to close out Monday evening against the US dollar, so at least there was some movement in the right direction.  This still only amounted to an increase of a cent and a half though, so something more than this would be even better.

There was an even better high point for the week of 0.9848 here, although this figure dropped back to 0.9735 on the following day.  There was clearly something of a power struggle going on here as neither currency seemed able to push ahead by any significant amount.

The week beginning the 17th May started off with a closing rate of 0.9653 for the Canadian dollar, so once again it was starting to slip back somewhat.  A rise to 0.9739 the following day soon made way for another loss the day after, which took the Canadian dollar back to 0.9558.  This seemed to be where the US dollar really got going, because by the time the week was over it was on 0.9321.

This was not shaping up to be a good month for the Canadian dollar.  The opening rate way back on the 1st May of 0.9952 seemed a long way away now and there seemed to be little hope of regaining anywhere near that figure.  A token surge back in the right direction left the Canadian dollar on 0.9438 after the following Monday of trading, although it then fell back to 0.9257 again.

The final full week of May ended up with an exchange rate of 0.9559 being recorded, so this was only marginally better than the Canadian dollar had started the week with.  There was one more day of trading to go however, with the Canadian dollar recording an exchange rate of 0.9544 against the US dollar on that occasion.

So all in all the US dollar had come out on top here, with the Canadian dollar losing out on over four cents during the month as a whole.  This could have been worse but we weren’t expecting a fall of this much.