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Canadian dollar weaker, USD stronger to most currencies

By MoneyWay | Jun 8, 2021

Markets are mixed as the USD gains strength against most currencies, one would have expected the CAD to rally against the USD based on the trade numbers. Analysts had expected a continuing deficit however the trade surplus was a nice surprise. The drawback this morning on the CAD is an Equifax report stating that Canadians have increased their household borrowings, the number and size of mortgages drove the country’s outstanding consumer debts to nearly $2.1 trillion (US$1.7 trillion), despite a drop in credit card balances to their lowest point in six years.

On the surface, Canadians are basically buying homes just in case there is another wave of house buying, also, other Canadians are taking out HELOCs(Home Equity Line of Credits) to pay down their credit cards and other miscellaneous forms of debt. This surge in borrowing is spooking analysts who will end up standing on the side lines until things calm down.

Expect the CAD to trade on the weak side today.

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