The Great Britain pound versus the Canadian dollar currency pair seems to have a head and shoulders chart pattern coming in its way.
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, 2018: -$36.3 bln.
Inflation, 2018: 2.3%
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
Possible H&S on GBP/CAD with Neckline at 1.7160
February 12, 2020 at 6:43 Canadian Dollar, Great Britain Pound, Technical Analysis
NZD/CAD Made It to 0.8514. Where Now?
February 11, 2020 at 8:47 Canadian Dollar, New Zealand Dollar, Technical Analysis
The New Zealand dollar versus the Canadian dollar currency pair reached the 0.8514 level. Is this only a met target or is the depreciation about to continue?
Canadian Dollar Mixed As Housing, Jobs Data Unable to Trigger Momentum
February 10, 2020 at 17:12 Canadian Dollar
The Canadian dollar is trading mixed against multiple currency rivals to kick off the trading week, despite bullish housing and jobs data that should have buoyed the loonie. The paucity of momentum will be more pronounced as the Canadian dollar may trade sideways ahead of the central bank’s policy announcement later this week. Will the currency reverse its downward trend?
Canadian Dollar Falls on Weak Oil Prices, Despite Upbeat Jobs Report
February 7, 2020 at 16:20 Canadian Dollar
The Canadian dollar today fell against the US dollar following the release of mixed Canadian jobs data and the upbeat US non-farm payrolls report. The USD/CAD currency pair’s rally was also fueled by the decline in global crude oil prices, which dragged the commodity-linked loonie lower.
Trendline on AUD/CAD May Send It to 0.8918
February 6, 2020 at 6:02 Australian Dollar, Canadian Dollar, Technical Analysis
The Australian dollar versus the Canadian dollar currency pair is at a very interesting spot.
NZD/CAD Continues Towards 0.8514
February 4, 2020 at 6:39 Canadian Dollar, New Zealand Dollar, Technical Analysis
The New Zealand dollar versus the Canadian dollar currency made its first step towards what may very well be the first target, 0.8540 respectively.
Canadian Dollar Slides As Coronavirus Fears Hurt Energy Prices
January 31, 2020 at 19:40 Canadian Dollar
The Canadian dollar is weakening against most major currency rivals to finish the trading week, despite the national economy beating market forecasts in November. The loonie’s fall is being mostly driven by a drop in energy prices caused by demand concerns amid the Wuhan coronavirus. The nation’s fiscal picture and inflation also rose more than what the market had projected.
AUD/CAD Could Be on Its Way to 0.8835
January 28, 2020 at 6:33 Australian Dollar, Canadian Dollar, Technical Analysis
The Australian dollar versus the Canadian dollar currency pair was brought by the bears at the 0.8918 support. Will it have the necessary strength for a strong upwards leg?
Canadian Dollar Weakens Despite Strong November Retail Sales
January 24, 2020 at 19:17 Canadian Dollar
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The Canadian dollar is weakening against most major currency competitors to close out the trading week. Despite retail sales coming in stronger than expected and inflation matching market expectations, the loonie’s decline could still be driven by the central bank leaving interest rates unchanged. Is the market signaling that a rate cut is needed to resuscitate economic growth?
Canadian Dollar Rallies on Inflation Report, Crashes on BoC Rate Decision
January 22, 2020 at 16:04 Canadian Dollar
The Canadian dollar today rallied against its US counterpart in the first half of today’s session driving the USD/CAD to its daily lows boosted by in-line inflation figures. However, the currency pair quickly reversed course after the Bank of Canada announced its rate decision, which was interpreted as being very dovish.