The Australian dollar versus the Canadian dollar currency pair declined sharply and the first signs of slowing down occurred only around the 0.9222 support level.
Canadian Dollar CAD
Detailed information and fundamental factors
Central Bank: Bank of Canada
Interest Rate: 1.75%
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
AUD/CAD at the Major Support of 0.9222
May 20, 2019 at 6:17 Australian Dollar, Canadian Dollar, Technical Analysis
Loonie Dips Intraday on Inflation Data, Recovers to Settle Higher
May 15, 2019 at 22:16 Canadian Dollar
The Canadian dollar declined intraday as some of Canada’s inflation indicators missed expectations. But the currency rebounded later, ending the Wednesday’s trading session above the opening level.
Bulls Vanquished on NZD/CAD
May 15, 2019 at 7:00 Canadian Dollar, New Zealand Dollar, Technical Analysis
In front of a big chance, the bulls were not able to manage the situation on the New Zealand dollar versus the Canadian dollar and missed out the opportunity to direct the price towards the previous high, at 0.9281.
Canadian Dollar Jumps on Stellar Employment Data
May 11, 2019 at 0:54 Canadian Dollar
The Canadian dollar climbed on Friday after employment data demonstrated a shockingly good result for April. The disappointing housing report had hardly any impact on the currency.
CAD/JPY May Be Different Than It Looks
May 10, 2019 at 7:04 Canadian Dollar, Japanese Yen, Technical Analysis
The Canadian dollar versus the Japanese yen currency pair is now at the important support level of 81.38, an area which could have already given sings of weakness, but it could also turn out to still be the support everyone is expecting it to be.
Canadian Dollar Slides on Mixed Data
May 9, 2019 at 17:12 Canadian Dollar
The Canadian dollar is trading lower against a basket of currencies on Thursday as an influx of mixed data is driving the loonie’s short-term performance towards the end of the trading week. The slumping economy is not giving consumers a ton of confidence, suggesting that they may not be as adamant to consume.
Canadian Dollar Weakens on Shrinking Economy, Business Sentiment
April 30, 2019 at 18:27 Canadian Dollar
The Canadian dollar is weakening on Tuesday after new data showed that the economy contracted in February, reducing some of its gains in January. Thanks to sluggish resource output, analysts are beginning to forecast an economic slump in the first quarter. This could explain why there is declining business sentiment nationwide.
CAD/JPY Consolidating Just Above 82.71
April 29, 2019 at 6:52 Canadian Dollar, Japanese Yen, Technical Analysis
The Canadian dollar versus the Japanese yen dropped from 83.81 after a failed attempt to confirm the level as a support.
Canadian Dollar Plunges As BOC Abandons Bias for Future Rate Hikes
April 24, 2019 at 16:05 Canadian Dollar
The Canadian dollar is sliding midweek after the central bank removed its bias about future increases to interest rates as the economic slowdown intensifies. This has left the market betting that there will not be a rate hike until at least sometime next year. While it did pledge to adapt monetary policy to incoming data, it does not anticipate substantial growth anytime soon.
Consolidations on NZD/CAD
April 24, 2019 at 1:23 Canadian Dollar, New Zealand Dollar, Technical Analysis
The New Zealand dollar versus the Canadian dollar is sitting in a very interesting spot.