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Canadian Average Daily Currency Transactions Rise 14% in April

Average daily currency transactions executed by traders in Canada advanced 14 percent to $59.6 billion in April, from $52.4 billion in October 2011, according the Canadian Foreign Exchange Committee.

Compared with a year ago, average daily volume dropped 2.6 percent from $61.2 billion, the survey said. Foreign-exchange trading in North America fell to $860 billion a day in April, a decrease of 12 percent from October 2011, according to a report released by the Federal Reserve Bank of New York.

Canada’s currency is 1.7 percent higher this year versus the U.S. dollar, and has gained 2.5 percent against nine major peers tracked in the Bloomberg Correlation Weighted Indexes, on speculation increased measures by worldwide central banks including the Federal Reserve and the European Central Bank to stimulate economic growth will benefit risk assets.

The four most-traded currencies were the U.S. dollar at 93 percent, the Canadian dollar at 70 percent, the euro at 11 percent and the U.K. pound at 5 percent. The yen, Australian dollar and Swiss franc accounted for most of the remaining volume, which totals 200 percent because transactions always involve two currencies.

To contact the reporter on this story: Chris Fournier in Halifax at cfournier3@bloomberg.net

To contact the editor responsible for this story: Robert Burgess at bburgess@bloomberg.net

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