Two Dollars Going Head To Head
The Canadian dollar finished off March by claiming a total of 1.3899 against the New Zealand dollar. There was just one day of trading to handle before the extended weekend came into play for Easter, and the Canadian dollar took full advantage of it. As a result it claimed 1.4042 by the time the Easter holidays got started.
But if we thought this was impressive, we had seen nothing yet. The first day of the following week saw a massive increase for the Canadian dollar against the New Zealand dollar, as it climbed up to 1.4316 by the end of the day. The New Zealand dollar came storming back however and redressed the balance to 1.4154. In fact that week ended with the Canadian dollar losing more ground and finishing up on 1.3959.
The next question then was whether the Canadian dollar could get back above the 1.40 mark and get back some of its losses against the Kiwi dollar. The first day of the following week finished up with the Canadian dollar dropping to 1.3934. But although there was another tiny loss the next day the Canadian dollar did manage to get back to 1.4066 a couple of days later. It would not be enough to finish the week on a good note with though, as the closing rate on Friday night turned out to be 1.3984. It seemed as if closing weekly rates were destined to be on the low side – for a while at least.
Indeed there was a further fall to 1.3863 for the Canadian dollar as the week beginning the 19th got underway. But a small jump up the next day made way for an even bigger leap the day after, as the Canadian dollar got itself into a better position and ended the 21st on 1.4106 against the New Zealand dollar.
The closing rate for that week dropped once again to 1.4022, but at least this time it stayed above the 1.40 mark. The question now was whether it could stay above it as the final few days of the month got underway.
A notable drop to 1.3836 on the 26th gave us a clue that only bode well for the Kiwi dollar. A drop to 1.3785 two days later gave us another strong clue that the month might end a lot better for the Kiwi dollar than it would for the Canadian dollar. And indeed it did – as the final rate for the month went down to a depressing 1.3643.
We should remember that the Canadian dollar started on a lower rate anyway. But it still managed to lose out on two and a half cents over the course of a disappointing month.