After the rally to 1.7285, would the level cede in front of the bullish momentum or serve as the perfect spot for the bears to short the market at a very good price?
Canadian Dollar CAD
Detailed information and fundamental factors
Central Bank: Bank of Canada
Interest Rate: 0.25%
Public Debt to GDP Ratio, 2017: 98.2%
Trade Balance, 2018: -$36.3 bln.
Inflation, 2019: 1.9%
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
Chances for Bulls to Validate 1.7285 as Support on GBP/CAD?
October 22, 2020 at 5:28 Canadian Dollar, Great Britain Pound, Technical Analysis
Canadian Dollar Rallies Against US Peer Driven by Dollar Dynamics
October 16, 2020 at 14:20 Canadian Dollar
The Canadian dollar today rallied against its US peer benefitting heavily from the latter’s decline as investors remained cautiously optimistic about the global economy. The USD/CAD currency pair fell as the loonie rallied driven by the upbeat investor sentiment as Canada insists that it will not open its borders to Americans given the surge in US coronavirus cases.
GBP/CAD Still Wants Above 1.7132
October 15, 2020 at 4:39 Canadian Dollar, Great Britain Pound, Technical Analysis
The Great Britain pound versus the Canadian dollar currency pair seems not to let go of the idea of rising.
Canadian Dollar Rallies Against US Peer on Upbeat Jobs Data
October 9, 2020 at 19:10 Canadian Dollar
The Canadian dollar today rallied against its US peer fueled by the positive Canadian jobs report and the upbeat investor sentiment. The USD/CAD fell for the third straight session as the commodity-linked loonie rallied higher capitalising on the greenback’s weakness over the same period.
1.7285 Next Target for GBP/CAD?
October 8, 2020 at 4:19 Canadian Dollar, Great Britain Pound, US Dollar
The Great Britain pound versus the Canadian dollar currency pair seems to have found support at 1.7132. Are the bulls ready for a new march?
Canadian Dollar Falls Against US Peer on Trump Stimulus Tweets
October 6, 2020 at 20:22 Canadian Dollar
The Canadian dollar today gave up most of its gains against the US dollar as the latter rallied boosted by the risk-off market sentiment as stimulus hopes dissipated. The USD/CAD currency pair rallied higher during the American session as President Donald Trump dashed all hopes of a US stimulus deal ahead of the November 3 elections.
GBP/CAD Peaking at 1.7294?
October 1, 2020 at 4:21 Canadian Dollar, Great Britain Pound, Technical Analysis
The Great Britain pound versus the Canadian dollar currency pair seems to be having a hard time while attempting to conquer 1.7285.
Canadian Dollar Rises as GDP Continues to Grow, Oil Prices Rise
September 30, 2020 at 17:20 Canadian Dollar
Commodity currencies were the clear winners today, and the Canadian dollar was among them. It was trading on par with its Australian and New Zealand counterparts but gained against major rivals. Market analysts speculated that such behavior was a result of month-end flows, which drove the US dollar down, though the Canadian currency has its own factors to support it.
Rise on GBP/CAD Halted at 1.7156?
September 23, 2020 at 5:22 Canadian Dollar, Great Britain Pound, Technical Analysis
The Great Britain pound versus the Canadian dollar currency pair seems to have ceased the appreciation phase. Is this only a small correction?
Canadian Dollar Soft After Retail Sales Miss Expectations
September 18, 2020 at 15:34 Canadian Dollar
The Canadian dollar was soft today, falling against other most-traded currencies, after domestic retail sales data disappointed traders. The losses were limited against most of the rivals, though, with the exception of the Japanese yen and the New Zealand dollar — the two strongest currencies on the Forex market during Friday’s trading.