(Kitco commentary) - The Canadian dollar stands as one of the world's major currencies that have experienced growth relative to the US dollar this year.
The Canadian dollar stands as one of the world's major currencies that have experienced growth relative to the US dollar this year. But this hike is barely noticeable, placing the currency on the outskirts in this aspect. Let’s find out what’s wrong with the Canadian dollar version 23 and what prospects lie ahead for version 24.
A look at the chart shows that the Canadian dollar trails far behind the pound and the euro. Also, it’s a bit off on the DXY which is the US dollar index measuring the USD's performance against the basket of other major currencies.The Canadian dollar is unlikely to reach better rates in the short-term prospect. And here, we need to recap what boosted various currencies' growth against the USD.
The latter is especially significant in the context of the CAD. The Canadian dollar is a commodity currency, and China stands as a pivotal exporter within this region. When the Chinese economy falters, it eats into the CAD.
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