Canadian Dollar Gains More Value Than American Dollar
San Francisco, CA -- (SBWIRE) -- 10/08/2012 -- Investors have shifted their interest to the North American markets as European central bank steadied interest rates. The bank will be purchasing bonds if and when needed.
In the meantime, the U.S. and Canadian dollars have room to compete for the attention of investors. For now, the Canadian dollar is showing more promise.
The Canadian Dollar continues to make steady gains against its American peer over the past few days. The U.S. dollar was worth C$0.9806 late Thursday, down from C$0.9876 late Wednesday, according to data provider CQG.
While the U.S. dollar has shown little promise, it is outdoing the expectations of the market.
Matt Perrier, the director of the foreign-exchange sales at BMO Capital Markets in Toronto claims that both currencies, “In afternoon trading, the currencies "fell into a holding pattern, ahead of the dual set of employment data tomorrow.”
On Friday, both countries will release their key monthly jobs reports for September.
The U.S. claimed that there is an increase of 118,000 net new jobs, and no change to the 8.1% unemployment rate. Meanwhile, in Canada, there are 10,000 net new jobs and no change to the 7.3% unemployment rate.
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