Canadian Dollar flattens as investors seek fresh developments regarding US-Iran deal

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The Canadian Dollar (CAD) trades broadly flat against its major currency peers, except the New Zealand Dollar (NZD), wobbling around 1.3810 against the US Dollar (USD) during the Asian trading session on Wednesday.

The Canadian Dollar struggles for direction against its major currency peers.
Investors await fresh developments over US-Iran negotiations.
Canadian Q1 GDP is expected to have grown at an annualized pace of 1.5%.

Canadian Dollar Price Today

The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.07%	-0.07%	-0.05%	-0.01%	0.09%	-0.61%	-0.06%
EUR	0.07%		0.00%	0.00%	0.05%	0.13%	-0.54%	-0.01%
GBP	0.07%	-0.01%		-0.02%	0.05%	0.14%	-0.54%	0.00%
JPY	0.05%	0.00%	0.02%		0.05%	0.13%	-0.55%	0.00%
CAD	0.01%	-0.05%	-0.05%	-0.05%		0.08%	-0.57%	-0.05%
AUD	-0.09%	-0.13%	-0.14%	-0.13%	-0.08%		-0.66%	-0.10%
NZD	0.61%	0.54%	0.54%	0.55%	0.57%	0.66%		0.53%
CHF	0.06%	0.00%	-0.00%	-0.01%	0.05%	0.10%	-0.53%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).

The North American currency struggles for direction as investors seek fresh developments regarding negotiations between the United States (US) and Iran towards ending the war in the Middle East permanently and the reopening of the Strait of Hormuz.

Negotiations between the US and Iran continue despite Tehran alleging Washington for launching attacks, which the US Central Command described as “defensive” and were designed "to protect our troops from threats posed by Iranian forces", BBC reported.

On Tuesday, an Iranian official said the unfreezing of Iran's funds is the last serious sticking point with the US being resolved through Qatar mediation, according to Iran’s Fars agency. However, there had been no official confirmation. This improves the hopes that both nations are close to reaching a deal.

On the domestic front, investors await the Canadian monthly and Q1 Gross Domestic Product (GDP) data, which will be released on Friday. Month-on-Month Canadian GDP is estimated to have grown at a moderate pace of 0.1% against the previous reading of 0.2%. On an annualized basis, the economy is expected to have expanded 1.5% in the first quarter of the year after contracting by 0.6%.

Economic Indicator

Gross Domestic Product Annualized

The Gross Domestic Product (GDP), released by Statistics Canada on a monthly and quarterly basis, is a measure of the total value of all goods and services produced in Canada during a given period. The GDP is considered as the main measure of Canada’s economic activity. The data is expressed at an annualized rate, which means that the rate has been adjusted to reflect the amount GDP would have changed over a year’s time, had it continued to grow at that specific rate. Generally, a high reading is seen as bullish for the Canadian Dollar (CAD), while a low reading is seen as bearish.