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CAD Loses Ground to USD & JPY, Holds vs. EUR

January 8, 2013 at 21:05 by Vladimir Vyun

Canadian coins on Canadian dollar billsThe Canadian dollar fell against its US peer after two sessions of rise and extended its drop versus the Japanese yen as crude oil and stocks retreated. The Canadian currency advanced versus the euro for the first day in three.

Risk appetite came away from the market and riskier assets were falling. Futures on crude oil retreated 0.1 percent to $93.15 per barrel on NYMEX today. The Standard & Poor’s 500 Index of shares dropped 0.5 percent. The poor trading environment was detrimental for the loonie.

Still, not everything was bad for the Canadian currency. Yesterday’s Ivey PMI provided a bit of support and the losses were limited.

USD/CAD rose from 0.9857 to 0.9865 as if 21:05 GMT today. CAD/JPY dropped from 89.00 to 88.22. At the same time, EUR/CAT retreated from 1.2930 to 1.2906, erasing the previous advance to 1.2960.

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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