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Negative Fundamentals Drag Canadian Dollar Down

October 4, 2018 at 18:30 by Vladimir Vyun

Canadian 50- and 100-dollar billsThe Canadian dollar declined against its major peers today, dragged down by a range of factors. Among them were the relatively strong US dollar, falling prices for crude oil, and poor macroeconomic data.

Prices for crude continued to fall today following yesterday’s surge of US oil stockpiles. North American crude fell more than 2% today on NYMEX.

The Ivey PMI dropped to 50.4 in September from 61.9 in August. Analysts had expected an increase to 62.3.

Now, traders wait for tomorrow’s release of employment data, both from the United States and from Canada. Experts predicted ahead of the release that Canada’s employment will show growth by 25,000 and the unemployment rate will fall from 6.0% to 5.9%.

USD/CAD rallied from 1.2864 to 1.2926 as of 18:20 GMT today. EUR/CAD jumped from 1.4764 to 1.4867. CAD/JPY sank from 88.97 to 88.03.

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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