The Canadian dollar rose against most of its major peers (with the exception of the Japanese yen) with the help of rather positive employment data released from Canada over the trading session.
Canadian Dollar CAD
Central Bank: Bank of Canada
Public Debt to GDP Ratio, 2015: 95.4%
Trade Balance, 2015: -$12.6 bln.
Inflation, 2015: 1.2%
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
The Canadian dollar continued to rally against its major rivals today, demonstrating especially big gains against the weak US dollar, as the OPEC oil production cut propelled oil prices higher.
The Canadian dollar rose against the euro on Wednesday, as a surge in oil prices supported the currency of the oil exporting nation.
The Canadian dollar rallied against most of major peers on Monday, tracking the rise of crude oil prices. There is a decent probability, though, that the crude’s rally will fizzle soon, dragging the loonie down.
The Canadian dollar today rose after the release of inflation data, even though some parts of the report were not that good. The loonie even managed to rebound versus the US dollar despite starting the trading session with a decline.
The Canadian dollar fell against its US peer on Monday as the shock of the surprise victory of Donald Trump in the US presidential elections continued to weigh on the currency. The loonie managed to gain on other most-traded rivals, like the euro and the Japanese yen.
The Canadian dollar fell today, hurt by the drop of crude oil prices and concerns about the future of trading between the United States and Canada. The currency still managed to beat the very weak Japanese yen.
The Canadian dollar faced wild ups and downs on Wednesday after Republican Donald Trump became the newest president of the USA, which triggered fears toward the future of economic relationships between Canada and its biggest trading partner.
The Canadian dollar gained on its major counterparts as market participants were speculating about the possible outcome of the US presidential elections. Economic data released from Canada over the trading session was not great, but it took the backseat to the US elections.
The Canadian dollar moved higher against Great Britain’s pound on Monday as traders’ desire to take risks increased due to a stronger US dollar, which supported the Canadian currency.