Posted September 25, 2010
The USA and Canada might share a border, but they don’t share a currency. You will see the fluctuations between the US and Canadian dollars regularly on the currency converter, and this month we’ll take a closer look at what’s happening.
At the end of July the US dollar was worth 1.0326 Canadian dollars. As soon as the first trading day in August was over, this had dropped to 1.0228 so it wasn’t the best start to a fresh month from the US dollar’s point of view.
But how did things progress from there?
They reached a low point of 1.0131 on the 5th August, but that would turn out to be the lowest point for the whole month. That same week ended the following day with a rate of 1.0220 on the cards, so things were looking up already.
The following week was much stronger from the US dollar’s point of view. It climbed steadily through the days of the week until it reached 1.0475 on the 12th. Unfortunately Friday was the 13th and we saw a slight dip to 1.0414 on that occasion. It wasn’t enough to ruin the good work achieved over the rest of the week though.
The next week once again saw the Canadian dollar on the back foot as the US dollar closed on 1.0425 on Monday night. But then the Canadian dollar started to fight back, pushing the US dollar back to a rate of 1.0374 on the 17th and 1.0276 the day after. The low point of that week came the following day, when the US dollar found itself closing on 1.0268.
But that was as bad as things would get there. After a huge surge of energy on the last day of the week, the US dollar was incredibly back to 1.0483 to close out Friday night. The Canadian dollar clearly wasn’t able to muster up the energy to push the US dollar down for any length of time.
And indeed this was the story for the rest of the month. On the 25th the closing rate was an incredible 1.0662. It seemed as though the Canadian dollar did not have anything left to counter with, and while it pushed back the next day to leave the US dollar on 1.0576, it was not enough to really do any damage.
So it looked as though the US dollar was going to get the upper hand over the month as a whole. There was a few days left yet, but we were heading into the weekend now on a rate of 1.0608 to the US dollar. There may have been some hope for the Canadian dollar as it pushed the US dollar back to 1.0498 on the 30th, but the following day all hope was lost for the month.
The final rate was 1.0638 for the US dollar, underlining a strong month and a good success for the currency when it went up against its Canadian counterpart.