As of 14/8/2017, the Canadian Dollar has gained circa 5% against the US dollar on a YTD basis and is considered by many as one of the commodity currencies because of high commodity driven export policy of Canada (oil). This means that it is highly dependent on commodity prices, which have proven to be quite volatile over the past few years. Additionally because of the tight relationships with the US, a weaker growth in the US could have a negative impact on the country’s exports. Moreover the Bank of Canada has raised its interest rates to 0.75% for the first time after seven years and assuming that growth holds up, more hikes may come ahead.
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