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Loonie Struggles a Bit on US Government Troubles

October 4, 2013 at 15:29 by Miranda Marquit

Some Canadian dollar billsCanadian dollar is struggling a bit right now, although the loonie has managed to log some small gains against the greenback. The impact of the US government shutdown is being felt by the Canadian dollar, which is sensitive to economic concerns in the United States.

The United States is Canada’s main trading partner, so it is no real surprise that the US government shutdown is having an impact on the Canadian dollar today. The loonie is struggling as commodities struggle.

Right now, oil prices have managed to move into the black, but they are still vulnerable to further loss, and that is weighing on the Canadian dollar, since oil is a major export. Lower gold prices aren’t helping, either.

The loonie has managed to gain the upper hand against the greenback and other currencies, after some earlier losses. The gains by the Canadian dollar aren’t very big, but they are there. Canadian dollar has gone for mostly lower to mostly higher, but it is uncertain how much longer this state of affairs will last.

At 15:25 GMT USD/CAD is down to 1.0308 from the open at 1.0333. EUR/CAD is down to 1.4016 from the open at 1.4074. GBP/CAD is down to 1.6561 from the open at 1.6696.

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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