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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

USD/CAD Drops to Two-Year Low After Fed Statement

The Canadian dollar gained to the highest level in two years versus its US counterpart today after the Federal Reserve released a relatively dovish policy statement. The loonie also rallied against the weak Swiss franc but dropped versus the euro and Japanese yen.

Canadian Dollar Gains as Wholesale Sales Rise to Record

The Canadian dollar rose today thanks to the surprisingly good wholesale sales reading, which increased chances for monetary tightening from the Bank of Canada.

Canadian Dollar Climbs Against US Peer Following Solid Retail Sales

The Canadian dollar moved higher against its US counterpart on Friday, following the release of solid retail sales data that reflected growing consumer demand. A fresh reading for the consumer price index also supported the loonie today after matching analyst estimates.

Canadian Dollar Propelled by Economic Data & Oil Prices

The Canadian dollar gained on its major rivals today, propelled by positive macroeconomic data and gains of crude oil prices.

Canadian Dollar Rallies Against US Dollar After BoC Rate Hike

The Canadian dollar today rallied higher against the US dollar after the Bank of Canada hiked its overnight lending rate by 25 bps meeting market consensus. The weaker US dollar also contributed to the USD/CAD pair’s decline as markets reacted negatively to Janet Yellen‘s testimony before Congress.

USD/CAD Rallies Higher Despite Positive Canadian Housing Starts Data

The Canadian dollar today weakened against the US dollar despite the release of positive Canadian housing starts data by the Canada Mortgage and Housing Corporation. The loonie tried to rally against the greenback after the release, but the greenback rallied higher after the release of the US JOLTS job openings report.

Canadian Dollar Ends Week Strongest amid BoC Hike Speculations

The Canadian dollar ended the week as the strongest major currency because the events during the week’s trading fueled speculations that the Bank of Canada will hike interest rates as soon as the next week.

Employment Data Fuels Rally of Canadian Dollar

The Canadian dollar jumped today, rising more than 1% against some of its most-traded rivals, after the release of a better-than-expected employment report.

Positive Fundamentals Fail to Provide Support to Canadian Dollar

The Canadian dollar was flat versus the US dollar and the Japanese yen and fell against the euro and the Swiss franc even though fundamentals should have supported the currency.

Canadian Dollar Stable After Tuesday’s Rally

The Canadian dollar was stable against its US counterpart and retreated a bit versus other most-traded currencies on Wednesday after rallying on Tuesday.