At the same time Canadian GDP rose 0. In terms of economic data, we should highlight the Trade Account Balance , a balance between exports and imports of total goods and services. A positive value shows trade surplus, while a negative value shows trade deficit. If a steady demand in exchange for CAD exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the CAD.
Inflation is another economic value that is important for this pair. They are key indicators to measure inflation and changes in purchasing trends. Poloz was appointed Governor of the Bank of Canada, effective 3 June , for a term of seven years. She had already previously served as a Vice Chair from to In Canada, the organizations and people that affect the most the moves of the pair are: Its president is Stephen Poloz. Canadian Government headed by Justin Trudeau and its Department of Finance whose minister is Bill Morneau that implement policies that affect the economy of the country.
Canada being a prominent oil and natural gas producer, the trade organization of that industry is very important. In the USA, we have: The Fed controls the monetary policy, through active duties such as managing interest rates, setting the reserve requirement, and acting as a lender of last resort to the banking sector during times of bank insolvency or financial crisis.
Janet Yellen Janet L. This currency pair is also known as the " Loonie ", a nickname derived from the picture of a loon, a distinctive bird which appears on one side of the Canada's gold-colored, one Dollar coin.
These pairs are highly correlated to commodity especially oil fluctuations. Canada is commonly known as a resource based economy being a large producer and supplier of oil.
The leading export market for Canada is by far the United States making its currency particularly sensitive to US consumption data and economical health. Here you have two nice correlations. Canada and Japan are at the extreme ends of production and consumption of oil. While Canada benefits from higher oil prices, Japan's economy can suffer because it imports nearly all of the oil it consumes.
This is another interesting correlation to follow. Other important group of influent pairs includes: Preferred brokers in your location.More...