The US dollar to Canadian dollar exchange rate has been on a roller coaster ride this week, but it appears to have finally recovered from its losses. On Monday, the exchange rate fell to its lowest point of the week, 1.3550, as the US dollar weakened against the Canadian dollar. However, the US dollar has since regained some of its strength and the exchange rate has now recovered to 1.3770.
The US dollar has been on a downward trend against the Canadian dollar since the beginning of the year, with the exchange rate falling from 1.4100 in January to its current level. This is due to a combination of factors, including a stronger Canadian economy, higher oil prices, and a weaker US economy.
The US economy has been struggling in recent months due to the coronavirus pandemic, with unemployment levels reaching record highs and economic growth slowing significantly. This has weakened the US dollar against other currencies, including the Canadian dollar.
Meanwhile, the Canadian economy has been performing relatively well, with unemployment levels remaining low and economic growth continuing to be strong. This has helped to strengthen the Canadian dollar against other currencies, including the US dollar.
In addition, higher oil prices have also contributed to the strengthening of the Canadian dollar. As Canada is a major producer of oil, higher oil prices have helped to boost the value of the Canadian dollar.
Overall, the US dollar to Canadian dollar exchange rate has recovered from its weekly losses and is now back up to 1.3770. While it is still lower than it was at the beginning of the year, it appears that the US dollar is starting to regain some of its strength against the Canadian dollar.
It remains to be seen whether this recovery will continue in the coming weeks or if the exchange rate will fall again. However, for now, it appears that the US dollar is starting to regain some of its strength against the Canadian dollar.
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