The Canadian dollar appreciated against a declining US dollar, driven by rising US initial jobless claims, which hit 219,000, raising fears of a possible labor market slowdown. The current Federal Reserve's stance on interest rates may shift if jobless claims continue to rise. In Canada, the New Housing Price Index (NHPI) indicated a tight housing market, but new home prices fell by 0.1%, primarily due to declines in Toronto and Edmonton. The outlook for the Canadian dollar remains sensitive to geopolitical factors such as the Russia-Ukraine peace talks, which could influence investor sentiment.
The Canadian dollar strengthened against a weakening US dollar amidst rising US jobless claims.
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