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Canadian Dollar Continues to Struggle in Forex Trading

May 20, 2014 at 12:54 by Miranda Marquit

A fan of 100-dollar notesThe Canadian dollar continues to struggle in forex trading today, falling against its major counterparts as commodities struggle, and as traders consider recent disappointments in economic data.

Loonie is having a hard time against other currencies today, falling almost across the board against its major counterparts. Canadian dollar is lower following last week’s disappointing jobs data, and now there is concern about about the release of March wholesale sales data from Statistics Canada, since there is a loss of 0.04 percent.

Also weighing on the Canadian dollar is the fact that commodities are struggling today. Gold is lower, and that has an impact, but the real difficulty comes from lower oil prices. Oil is a major part of Canada’s economy, and oil prices are paramount in supporting the loonie. With oil prices struggling, it’s little surprise that the Canadian dollar is struggling as well.

There is also a general feeling of risk aversion, with lower stocks and concerns about Ukraine, that is impacting the Canadian dollar. There just isn’t much going for the loonie right now, and so the currency is struggling.

At 12:49 GMT USD/CAD is moving higher, gaining to 1.0905 from the open at 1.0875. EUR/CAD is also higher, moving up to 1.4942 from the open at 1.4908. GBP/CAD is gaining ground, heading up to 1.8357 from the open at 1.8285.

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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