The Great Britain pound versus the Canadian dollar currency pair dropped after a new attempt to conquer 1.7567 seems to have failed.
Canadian Dollar CAD
Detailed information and fundamental factors
Central Bank: Bank of Canada
Interest Rate: 0.25%
Public Debt to GDP Ratio, 2017: 98.2%
Trade Balance, 2018: -$36.3 bln.
Inflation, 2019: 1.9%
Supporting Factors
Major commodity exporter
medium
Factors of Weakness
Dependence on United States as a major counterparty
The Canadian dollar is the official currency of Canada and is the 7th most traded currency in the world. It is often nicknamed “loonie” for the image of the aquatic bird on $C1 coin. The loonie was introduced as a currency used in Canada and all of its provinces in 1871, while the fixed exchange rate was abandoned in 1970. It is used by some central banks as a reserve currency. The performance of the currency depends on raw materials. Prices for crude oil are the most influential factor on the value of Canada’s dollar as oil is the most important export of Canada.
Canadian Dollar News Archive
Bulls on GBP/CAD Stopped by the Same 1.7565 Resistance Level?
August 6, 2020 at 7:29 Canadian Dollar, Great Britain Pound, Technical Analysis
Canadian Dollar Rallies Against US Peer on Strong Oil Prices, Later Falls
August 5, 2020 at 19:21 Canadian Dollar
The Canadian dollar today rallied against its US peer as oil prices hit new multi-month highs before giving up its gains and heading lower. The USD/CAD currency pair later recouped most of its losses as oil lost its lustre at a crucial resistance level dragging the loonie lower.
Canadian Dollar Rallies Against US Peer on Positive GDP Data
July 31, 2020 at 15:45 Canadian Dollar
The Canadian dollar today posted slights gains against its US peer after the release of upbeat Canadian May GDP data in the American session. The USD/CAD currency pair was trading sideways with minimal losses for most of today’s session as global crude oil prices remained sidelined.
Bullish Determination Sent GBP/CAD Above 1.7285
July 30, 2020 at 5:37 Canadian Dollar, Great Britain Pound, Technical Analysis
The Great Britain pound versus the Canadian dollar currency pair printed a strong rally. Could the bears invalidate it?
GBP/CAD Undecided Around 1.7100 Area
July 23, 2020 at 6:54 Canadian Dollar, Great Britain Pound, Technical Analysis
The Great Britain pound versus the Canadian dollar currency pair seems to have trouble continuing the appreciation. Is this only a pause from the bulls or the bears are preparing their next movement?
Canadian Dollar Mixed Amid Higher-Than-Expected Inflation, Strong Retail Sales
July 22, 2020 at 14:06 Canadian Dollar
The Canadian dollar is trading mixed against its most traded currency rivals midweek. The loonie has been gaining on the greenback on Wednesday as higher-than-expected inflation and strong retail sales data were in the backdrop of the Canadian dollar’s ascent. But falling energy prices capped the currency’s modest rally.
Canadian Dollar Weakens Against US Peer on Flight to Safety Mood
July 16, 2020 at 19:59 Canadian Dollar
The Canadian dollar today lost ground against its southern neighbour amid driven by the flight to safety mood that dominated the financial markets today. The USD/CAD currency pair rallied today as investors were spooked by the rising coronavirus cases globally, which pose a direct threat to the ongoing global economic recovery.
GBP/CAD Still Going for 1.7285
July 15, 2020 at 6:20 Canadian Dollar, Great Britain Pound, Technical Analysis
The Great Britain pound versus the Canadian dollar currency pair looks to be determined to go to higher prices. Does it have a chance or the bears are preparing their next movement?
Canadian Dollar Fails to Garner Momentum on Stellar Jobs Report, Rising Energy Prices
July 10, 2020 at 16:48 Canadian Dollar
The Canadian dollar is failing to garner momentum at the end of the trading week, despite a stellar jobs report and rising energy prices. The loonie has rebounded substantially since the market meltdown in March, driven primarily by greater confidence in global financial markets and rallying crude oil prices. Analysts are optimistic of a strong second half for the Canadian dollar, so could it happen?
Bulls Testing the Descending Trendline on GBP/CAD?
July 9, 2020 at 9:26 Canadian Dollar, Great Britain Pound, Technical Analysis
The Great Britain pound versus the Canadian dollar currency pair seems to have been favored by the double bottom formation, spawning an appreciation that allows the bulls to test the trendline for weak points.