Australian Dollar Canadian Dollar Exchange Rate Slips after Oil Boom Favours CAD Traders
In the wake of a historic OPEC announcement, the Australian Dollar has seriously lost out against the Canadian Dollar. This hasn’t been helped by commodities disappointments and gloomy AU GDP forecasts.
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The Canadian Dollar has rallied since Wednesday owing to soaring oil costs.
Australian Dollar (AUD) Tanks after Warnings of Negative GDP
The Australian Dollar has fared poorly against the Canadian Dollar during trading today, falling to a rate of 0.98 as iron ore tanks.
Further damage has been dealt by recent estimates that negative GDP may be on the way, unless more business investment can be secured for the country.
Canada has recently reaped the whirlwind from an OPEC decision to cut oil production, and the Canadian Dollar has jumped to 1.01 against the Australian Dollar.
Additionally, national manufacturing recently climbed in November, making the CAD an increasingly attractive option for investors.
AUD CAD Outlook: Sliding Retail Sales Figure may Cement Losses
The remainder of the week is not expected to bring much in the way of Australian data, with the decline-forecast October retail sales result making up the only major contribution.
On the month, consumer spending is expected to slow from a prior 0.6% to 0.2%.
Outside of this scheduled announcement, the Australian Dollar could find relief if iron ore prices pull through, though the latest estimates were for costs to remain on a downward trajectory for the near-term.
Canadian Dollar Australian Dollar Rate Advantage may Continue if Oil Prices Remain High
The Canadian Dollar has been in a clear state of superiority against the Australian Dollar during trading today, and may manage to expand its gains further if oil-based demand remains consistent.
In terms of domestic data, the next opportunity for a shift will be Saturday’s early November unemployment rate results. At present, these are expected to show a drop in employment of -3.4k persons, as well as stagnation in the unemployment rate at 7%.
Recent Interbank Exchange Rates
At the time of writing, the Australian Dollar Canadian Dollar (AUD CAD) exchange rate was trending in the region of 0.98 and the Canadian Dollar Australian Dollar (CAD AUD) exchange rate was trending in the region of 1.01.