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How Long Will Loonie Remain a Petro-Currency?

The Canadian dollar is heading lower again today, thanks in large part to the fact oil prices are once again falling. However, while the loonie is likely to retain some of its ties to oil, some analysts are starting to question how long it will remain a true petro-currency.

Australian Dollar Remains Below Opening Level After Trimming Losses

The Australian dollar trimmed today’s losses against its major rivals, almost erasing them against the US currency, but remained below the opening level as the market sentiment was unfavorable to currencies related to commodities and growth.

Canadian Dollar Fails to Hold onto Gains

The Canadian dollar failed to hold onto its earlier gains and dropped by the end of Monday’s trading session due to the rout of crude oil prices.

Euro Heads Higher, Even as Global Stocks Tumble

Euro is heading higher today, even though global stocks are falling and there is some risk aversion entering the markets. Gold prices are on the rise, though, and that seems to be providing a bit of a boost to the 19-nation currency.

Global Stocks Sink Benefiting Japanese Yen

The Japanese yen rallied today as the drop of crude oil led to a rout of global stocks which in turn resulted in risk aversion and demand for safe haven assets.

Canadian Data Doesn’t Do Much for the Loonie

The latest Canadian data release, from the end of last week, hasn’t been doing much to help the loonie in Forex trading. Although the Canadian dollar is getting a bit of help against some of the high beta currencies like the pound and the euro, it is down against the dollar and the yen.

Oil Rally Helps Canadian Dollar Against Other Currencies

The Canadian dollar is getting help today from the fact that oil prices are on the rise. Concerns about oil have been weighing on the loonie, and while there is still some weakness likely ahead, for now the Canadian dollar has the upper hand.

Canadian Dollar Withstands Negative Impact of Falling Oil Prices

The Canadian dollar was able to overcome the negative impact of falling prices for crude oil, bouncing from the daily lows during the Monday’s trading session.

Crude Oil Remains Friend to Canadian Dollar

Crude oil continued to rise over the Friday’s trading session, meaning that the Canadian dollar was rising as well. The loonie tends to show a strong correlation to moves of crude oil prices, and the correlation was especially noticeable during the recent time.

Soaring Crude Oil Prices Benefit Canadian Dollar

The Canadian dollar was tracking move of crude oil very closely in the recent past, and today’s trading session was no different. Prices for crude rallied, and the loonie followed them.

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