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Canadian Dollar Inches Higher against US Dollar

September 21, 2012 at 13:33 by Miranda Marquit

Canadian coins on Canadian dollar billsCanadian dollar is moving a little higher right now, thanks to an appearance by risk appetite. Loonie had been dropping earlier this week on concerns about global economic growth, but now there is a little more optimism, thanks to the latest news out of Spain.

Instead of fixating on global economic issues, investors and Forex traders are now turning their attention toward the possible good news coming out of the eurozone. Spain has announced that it will reveal a reform plan next week. This news has the optimism back, and that is helping high beta currencies like the Canadian dollar.

Also helping the loonie right now is the fact that oil prices are showing a little more fight than they were earlier. This week, thanks to global economic concerns, oil prices had been dropping. Today they are turning around a little bit. Canada is very closely tied to oil prices, and the loonie is gaining a little bit of support from the improvement in oil prices today.

There are still plenty of worries about what’s next for the global economy, so volatility is still to be expected. But for now the Canadian dollar is making progress against the US dollar.

At 13:30 GMT USD/CAD is dow to 0.9747 from the open at 0.9768. EUR/CAD is up to 1.2682 from the open at 1.2661. GBP/CAD is up to 1.5872 from the open at 1.5831.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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