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Canadian Dollar Drops for Second Day

April 19, 2017 at 19:14 by Vladimir Vyun

Canadian 50- and 100-dollar billsThe Canadian dollar dropped against its US counterpart today, falling for the second consecutive day, as geopolitical tensions were mounting. The loonie declined against other most-traded peers as well due to the drop of crude oil prices.

Crude oil is the biggest export commodity of Canada, therefore moves of its prices tend to have a big impact on performance of the Canadian currency. Today, futures for crude tumbled more than 2%, dragging the loonie along to the downside.

Adding to the problems of the Canadian dollar were rising geopolitical tensions, which were hurting currencies related to raw materials and economic growth. The potential conflict between the United States and North Korea is especially concerning to investors, though protectionist policies of US President Donald Trump are also an important negative factors for US trading partner. So happens, Canada is one of them.

USD/CAD jumped from 1.3380 to 1.3487 as of 19:01 GMT today. EUR/CAD rallied from 1.4356 to 1.4457. CAD/JPY declined from 81.00 to 80.61, trading near the lowest level since November 15.

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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