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Canadian Dollar CAD

 

Detailed information and fundamental factors

Central Bank: Bank of Canada

Public Debt to GDP Ratio, 2016: 98.8%

Trade Balance, 2016: -$28.9 bln.

Inflation, 2016: 1.6%

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

USD/CAD Struggles to Rally Higher Despite Positive US Data

The USD/CAD currency pair today retraced some of its earlier gains despite the release of positive US advance retail sales data. The currency pair remained in a slight uptrend boosted by a sharp decline in global crude oil prices as tracked by the West Texas Intermediate.

USD/CAD Rallies Higher on BoC Rate Decision

The USD/CAD rallied higher by over 100 points after the Bank of Canada released its monetary statement leaving interest rates unchanged at 1.00%. The US dollar rallied against the commodity-linked loonie even as global oil prices traded at daily lows.

Canadian Dollar Fails to Rally, Erases Gains vs. Greenback

The Canadian dollar attempted to rally today but failed and has trimmed its gains by now. Against the US dollar, the loonie erased gains outright as the greenback was too strong during the current trading session.

Canadian Dollar Rises Sharply on Booming Employment, Rising GDP

The Canadian dollar jumped sharply today following the release of the stellar employment data in Canada. The better-than-expected GDP print did not hurt the currency either.

USD/CAD Rallies Higher on BoC’s Financial System Review

The USD/CAD currency pair today rallied higher after the release of the Bank of Canada’s Financial System Review. The currency pair was on an uptrend for most of today’s session mainly boosted by the negative sentiment around global oil prices given that the Canadian dollar is a commodity-linked currency.

Canadian Dollar Drops, Following Crude Oil

The Canadian dollar fell on Monday, following the sharp decline of North American crude oil. The week ahead have several important events in store for the currency, especially on Friday.

Canadian Dollar Declines Against US Dollar on Weak Retail Sales

The Canadian dollar today declined against its US counterpart after the release of weak Canadian retail sales data in the early American session. The Canadian dollar was slightly stronger against the US dollar earlier in today’s session as the USD/CAD currency pair extended yesterday’s decline following the dovish FOMC minutes.

Canadian Dollar Firm Despite Falling Employment

The Canadian dollar gained even though nation’s employment dropped last month. Other economic reports were good, though.

USD/CAD Recovers Lost Ground on Canadian Housing Price Index

The USD/CAD currency pair today recovered initially lost ground after the release of Canada’s housing price index data in the early American session. The pair had lost significant ground earlier in today’s session due to yield spread differentials that were much stronger than the impact of global oil prices on the loonie.

Canadian Dollar Surges Against US Dollar as Housing Data Exceeds Estimates

The Canadian dollar surged against the US dollar on Wednesday, as investors felt more optimistic in the wake of the best Canadian housing data in two months. The loonie also rose against the British pound following a fresh scandal within the British government, which hurt traders’ demand for the British currency.

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