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Canadian Dollar Maintains Rally Caused by OPEC Decision

The Canadian dollar was rising during the Asian trading session on Thursday, managing to maintain the rally it started on Wednesday. The rise of the currency was caused by the news about a surprise decision by the Organization of Petroleum Exporting Countries to limit its crude oil production.

Dollar Flat vs. Rivals, Down vs. Commodity Currencies

The US dollar was mostly flat against its most-traded rivals with the exception of commodity currencies (with the exception the New Zealand dollar), which got a boost from the surprise news from the Organization of Petroleum Exporting Countries.

Canadian Dollar Struggles to Keep Gains

The Canadian dollar was attempting to move lower on Wednesday after showing a decent performance on Tuesday despite the drop of crude oil prices.

Canadian Dollar Falls on Monday, Rally of Crude Oil Doesn’t Help

The Canadian dollar fell against its major peers on Monday despite the rally of Canada’s most important export commodity — crude oil.

Future Does Not Look Bright for Canadian Dollar

There are plenty of factors that could impact the performance of the Canadian dollar this trading week. Unfortunately for the currency, most of them are negative. Let’s look at the most important of them.

Canada Settles Flat on Monday

The Canadian dollar was little changed during the Asian trading session after closing almost flat at the end of the Monday’s session. As usual, the currency was following moves of crude oil, which this time has not been able to help the loonie in determining its trend.

Canadian Dollar Loses Ground as Crude Oil Slumps

The Canadian dollar was steady by the end of the previous trading session but lost its ground during the current session, falling along with crude oil prices. The currency dropped about 1% against the US dollar and the euro. It also declined for the third straight session versus the Japanese yen.

Canadian Dollar Bounces After Earlier Losses

The Canadian dollar was moving lower against its major counterparts during the Monday’s trading session but has rebounded against the US dollar and the euro as of now and trimmed its losses versus the Japanese yen.

Falling Oil Prices Continue to Weigh on Canadian Dollar

Falling oil prices are weighing on the Canadian dollar again. With economic data still a little lackluster for Canada, and a housing bubble still threatening, there isn’t a lot to support the loonie right now. As a result, the Canadian dollar is lower against many of its major counterparts.

Canadian Dollar Drops Following Prices for Crude

The Canadian dollar dropped on Monday, ignoring positive domestic data, as prices for crude oil retreated. Speculations about monetary tightening from the US Federal Reserve were the main perpetrator in the drop.

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