The Canadian dollar fell today after rallying intraday. That was surprising, considering that fundamentals looked extremely supportive for the currency.
Canadian Dollar CAD
Detailed information and fundamental factors
Central Bank: Bank of Canada
Public Debt to GDP Ratio, 2017: 98.2%
Trade Balance, 2017: -$10.7 bln.
Inflation, 2017: 1.6%
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
Loonie Unable to Maintain Rally Despite Supportive Fundamentals
May 22, 2018 at 19:58 Canadian Dollar
Canadian Dollar Declines Against US Dollar on Weak Canadian CPI
May 18, 2018 at 14:40 Canadian Dollar
The Canadian dollar today dropped significantly against the US dollar following the release of disappointing Canadian CPI data in the early American session. The loonie’s losses were further compounded by the stronger US dollar, which was boosted by rising US Treasury yields.
Canadian Dollar Stable After Domestic Economic Releases
May 17, 2018 at 19:54 Canadian Dollar
The Canadian dollar was stable today following economic releases over the current trading session and ahead of important economic reports due for release tomorrow.
Canadian Dollar Drops Against US Dollar on Disappointing Jobs Report
May 11, 2018 at 15:35 Canadian Dollar
The Canadian dollar today registered a significant loss against its American counterpart following the release of Canada’s April employment report in the early North American session. The loonie was stronger against the greenback in the Asian to mid-European sessions backed by the weakening US dollar following yesterday’s mixed US CPI report.
Canadian Dollar Mixed-to-Lower Despite Strong Rally of Crude
May 7, 2018 at 19:39 Canadian Dollar
The Canadian dollar traded mixed-to-lower today. With lack of any macroeconomic releases during the Monday’s trading session, traders turned their attention towards future releases. The rally of crude oil prices had limited impact on the currency.
Canadian Dollar Mixed amid Clashing Fundamentals
May 3, 2018 at 20:02 Canadian Dollar
The Canadian dollar was mixed today, rising against some currencies and falling versus others. The possible reason for that were clashing fundamentals, which did not provide a clear direction to the loonie.
Canadian Dollar Gains as Canada’s Economy Recovers
May 1, 2018 at 22:15 Canadian Dollar
The Canadian dollar rallied against its major peers, though failed to gain on the US dollar, after the Canadian economy rebounded stronger than expected from the previous decline.
Canadian Dollar Rallies with Crude Oil, Not Bothered by Mixed Data
April 17, 2018 at 22:26 Canadian Dollar
The Canadian dollar gained on most of its major peers on Tuesday. While Canada’s economic data was mixed, the silver lining for the currency was the rally of crude oil prices.
Canadian Dollar Rallies Against US Dollar Despite Weak Housing Data
April 10, 2018 at 14:53 Canadian Dollar
The Canadian dollar today rallied against its US counterpart despite the release of weak Canadian building permits data by Statistics Canada driving the USD/CAD currency pair to 6-week lows. The release of positive US Producer Price Index data could not reverse the currency pair’s downtrend due to positive investor sentiment towards the loonie.
US Dollar Ends Week Mixed, Canadian Dollar Strongest
April 7, 2018 at 15:52 Canadian Dollar, US Dollar
The US dollar ended the week mixed, rising against such majors as the euro and the Japanese yen, but falling versus such currencies as the Great Britain pound and the Canadian dollar. While nonfarm payrolls was the main economic release during the past week, traders paid more attention to escalation of trade war rhetoric between the United States and China.