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Canadian Dollar Goes Down Along with Crude Oil

The Canadian dollar declined against its major peers today as the news about a deal between Saudi Arabia and Russia to keep output of crude oil the same was not welcomed by markets.

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.

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.

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.

Loonie Gains for Third Session vs. Greenback & Euro

The Canadian dollar gained today, extending its rally versus the US dollar and the Japanese yen for the third straight session. The reason for the admirable performance was the surprise rally of crude oil.

Canadian Dollar Bounces from 12-Year Low vs. US Dollar

The Canadian dollar rallied today after the Bank of Canada made a surprise decision to keep interest rates unchanged instead of cutting them as the majority of analysts had predicted. Earlier, the currency reached the lowest level in 12 years against the US dollar before bouncing higher.

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