Canadian dollar is higher against its major counterparts today as oil prices gain ground. Also helping the loonie is the upbeat economic forecast from the Bank of Canada. There seems to be a lot of loonie-positive news, and that is fueling demand in Forex trading.
Canadian Dollar CAD
Central Bank: Bank of Canada
Public Debt to GDP Ratio, 2015: 95.4%
Trade Balance, 2015: -$12.6 bln.
Inflation, 2015: 1.2%
Major commodity exporter
Factors of Weakness
Dependence on United States as a major counterparty
The Canadian dollar is the official currency of Canada and is the 7th most traded currency in the world. It is often nicknamed “loonie” for the image of the aquatic bird on $C1 coin. The loonie was introduced as a currency used in Canada and all of its provinces in 1871, while the fixed exchange rate was abandoned in 1970. It is used by some central banks as a reserve currency. The performance of the currency depends on raw materials. Prices for crude oil are the most influential factor on the value of Canada’s dollar as oil is the most important export of Canada.
Canadian Dollar News Archive
The Canadian dollar was demonstrating a poor performance during the Monday’s trading session. It is hard to be surprised by this turn of events considering the noticeable decline of prices for crude oil.
The Canadian dollar traded lower against its most-liquid counterparts, including the US dollar and the euro (but not including the Japanese yen) due to the worse-than-expected macroeconomic data released from Canada today.
Canadian dollar is heading higher today, gaining ground against its major counterparts as oil prices continue to recover to some degree. There are expectations for more loonie weakness in the future, but for now the currency is ahead.
The Canadian dollar fell more than 1% against its major counterparts today as the sell-off of crude oil hurt the commodity-linked currency while poor economic data from China gave traders even more incentive to avoid currencies related to raw materials.
Canadian dollar is getting a boost today, reaching its highest level against the US dollar in about nine months, and gaining against some of its other counterparts as well. Higher oil prices are providing support to the loonie today.
Canadian dollar is getting a bit of a bump against its major counterparts today, thanks in large part to higher oil prices. With oil prices gaining again, that is helping the loonie, and should provide some support for the economy, although more swings are likely.
Oil prices are dropping today, stalling the rally the Canadian dollar has been seeing in recent days. Yesterday, the loonie reached the 79-cent mark against the US dollar, and some think that Canadian dollar could breach 80 cents in the coming weeks.
Canadian dollar is mostly lower today, falling as concerns about the economy continue and as oil prices remain weak. Although oil is higher than it has been in a while, it is still down on the day, and there are worries about what that means for the Canadian economy.