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Canadian Dollar CAD

 

Detailed information and fundamental factors

Central Bank: Bank of Canada

Public Debt to GDP Ratio, 2015: 95.4%

Trade Balance, 2015: -$12.6 bln.

Inflation, 2015: 1.2%

Sovereign Credit Ratings:

Fitch
AAA
Stable
Moody's
Aaa
Stable
S&P
AAA
Stable

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

Canadian Dollar Jumps as BoC Statement Doesn’t Show Dovishness

The Canadian dollar jumped following the monetary policy meeting of the Bank of Canada as the central bank’s statement turned out to be not as dovish as market participants were expecting.

Canadian Dollar Trades Without Direction After Mixed Data

The Canadian dollar traded without clear trend during the current trading session, which made sense considering Canada’s macroeconomic data released today was mixed as well, giving the currency no reason to move in a particular direction.

Canadian Dollar Ignores Positive Fundamentals amid Risk Aversion

The Canadian dollar fell today even though macroeconomic data released in Canada was good and crude oil continued to rally. The likely reasons for the underwhelming performance was risk aversion that took a firm grip on markets.

Canadian Dollar Follows Crude Oil, Moving Higher

The Canadian dollar followed the move of crude oil to the upside, logging gains during the current trading session. By now, the currency has pared the rally against some of its rivals, but maintained gains against others.

Loonie Weakens After Moody’s Downgrades Canada’s Banks

The Canadian dollar traded lower against its major counterparts today as the credit rating downgrade of six Canadian banks by Moody’s Investors Service damaged the attractiveness of the currency to investors.

Canadian Dollar Strengthens Against US Peer as Crude Inventories Fall

The Canadian dollar strengthened against the US dollar and the British pound on Wednesday, as oil prices climbed after a decline in US inventories improved the outlook for global supply. Traders’ concerns about trade relations between the United States and its northern neighbor eased today, which further supported the loonie.

USD/CAD Rallies Higher on Weak Canadian Building Permits Data

The USD/CAD currency pair today rallied higher after the release of Canada’s building permits data for the month of March released by Statistics Canada, which did not meet expectations. The Canadian dollar was largely weaker against the US dollar even as crude oil prices faced uncertainty regarding the renewal of oil supply cuts by OPEC countries.

Canadian Dollar Retreats as Weak Chinese Data Weighs on Metal Prices

The Canadian dollar weakened against its US counterpart on Monday, after a decline in metal prices forced the loonie to erase some of its gains on Friday. Positive data for housing starts in April, which were released earlier today, failed to yield gains for the Canadian currency.

Canadian Dollar Gains Strength amid Stabilizing Oil Prices

The Canadian dollar strengthened against a number of its main counterparts on Friday, after traders of the currency felt relieved as prices of crude oil began to stabilize following sudden declines earlier today. Canadian economic data was mixed today, as upbeat data for business activity and unemployment rate were met with a disappointing number of new jobs.

CAD Falls vs. USD, Gains on Other Majors

The Canadian dollar fell versus its US counterpart today after the Federal Open Market Committee decided to keep its monetary policy unchanged. The currency gained on other major rivals thanks to the rally of crude oil prices.

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