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Canadian Dollar Continues to Fluctuate

October 10, 2013 at 13:31 by Miranda Marquit

Some Canadian dollar billsCanadian dollar is fluctuating today, performing erratically as rumors of a compromise on the debt ceiling issue come from the United States. Loonie is still struggling, though, as oil prices continue to drop, and as home prices data doesn’t quite meet expectations.

Canadian dollar is gaining a little ground against European currencies today, but continues to struggle against the US dollar. The latest news out of the United States is that a compromise might be worked out on the debt ceiling issue. Right now, House Republicans and Senate Democrats are working to try and come to an agreement for at least a temporary increase in the debt ceiling to help the United States avoid a technical default.

Loonie continues to fluctuate as the news from its biggest trading partner comes in. Also influencing the Canadian dollar right now are oil prices (which are struggling) and home prices. Statistics Canada released the new home price index showing a 0.1 per cent gain between July and August. The news is somewhat disappointing, though, since experts had expected a gain of 0.2 per cent.

At 13:28 GMT USD/CAD is higher, moving up to 1.0396 from the open at 1.0395. EUR/CAD is lower, down to 1.4048 from the open at 1.4058. GBP/CAD is also lower, dropping to 1.6564 from the open at 1.6583.

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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