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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:


Supporting Factors

Major commodity exporter


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 Moves Lower Even as Crude Oil Rallies

The Canadian dollar fell a bit today even as prices for crude oil, Canada’s major export, rallied during the Monday’s session. Market analysts argued that the reason for that is diminishing prospect for an interest rate hike from the Bank of Canada.

Canadian Dollar Declines Against US Dollar on Positive US Data

The Canadian dollar today declined against the US dollar following the release of upbeat US data and a rebound in the US dollar. The release of the Canadian housing price index in the early North American session also contributed to the loonie’s overall weakness.

USD/CAD Dips After FOMC Minutes Show Dovish Stance

The Canadian dollar rose against its US counterpart today as the greenback was driven down by unexpectedly dovish minutes of the Federal Open Market Committee. The loonie also gained versus most other major rivals and trimmed losses versus the euro thanks to the rally of crude oil that followed the release of the FOMC minutes.

Canadian Dollar Rallies Against US Dollar on Positive Housing Data

The Canadian dollar today rallied against its US counterpart after the release of positive housing data by Statistics Canada. The rebound in global crude oil prices triggered the USD/CAD’s downward spiral at the start of today’s session even as OPEC and non-OPEC countries consider extending production cuts.

USD/CAD Rallies Briefly on Mixed Employment Data from Canada

The USD/CAD currency pair today rallied higher briefly after the release of mixed data from both the Canadian and USA dockets. The release of the Canadian labour force survey and the US nonfarm payrolls buffeted the currency pair causing it to rally, then quickly decline.

Canadian Dollar Flat as Traders Wait for Economic Data

The Canadian dollar was flat against its major rivals (though it gained on the Japanese yen) today ahead of important reports due to release at the end of this week. The drop of crude oil hardly affected the currency.

Canadian Dollar Declines Against US Dollar on Weak GDP Data

The Canadian dollar today weakened against its US counterpart after the release of weak Canadian GDP data by Statistics Canada. Several releases from the US docket such as the personal income data for August also served to boost the US dollar against its Canadian counterpart.

Canadian Dollar Recovers After Wednesday’s Steep Decline

The Canadian dollar recovered today following yesterday’s steep decline, though the currency was still heading to weekly losses against most of its majors.

Canadian Dollar Drops Against US Peer on Poloz Dovish Comments

The Canadian dollar dropped against its US counterpart on Wednesday in the wake of dovish comments from Bank of Canada Governor Stephen Poloz. The loonie also had broader losses against other major peers, as investors worried about the gross domestic product numbers, which are due to be released on Friday.

Canadian Dollar Declines Against US Dollar on Weak Oil Prices

The USD/CAD currency pair today hit new three-week highs as the US dollar rallied against its Canadian counterpart even as global oil prices retreated from 5-month tops. The US dollar rallied into the American session disregarding the release of disappointing new home sales data and weak consumer confidence data.