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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, 2017: -$10.7 bln.

Inflation, 2017: 1.6%

Sovereign Credit Ratings:

Fitch
AAA
Stable
Moody's
Aaa
Stable
S&P
AAA
Stable

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

AUD/CAD at the Major Support of 0.9222

The Australian dollar versus the Canadian dollar currency pair declined sharply and the first signs of slowing down occurred only around the 0.9222 support level.

Loonie Dips Intraday on Inflation Data, Recovers to Settle Higher

The Canadian dollar declined intraday as some of Canada’s inflation indicators missed expectations. But the currency rebounded later, ending the Wednesday’s trading session above the opening level.

Bulls Vanquished on NZD/CAD

In front of a big chance, the bulls were not able to manage the situation on the New Zealand dollar versus the Canadian dollar and missed out the opportunity to direct the price towards the previous high, at 0.9281.

Canadian Dollar Jumps on Stellar Employment Data

The Canadian dollar climbed on Friday after employment data demonstrated a shockingly good result for April. The disappointing housing report had hardly any impact on the currency.

CAD/JPY May Be Different Than It Looks

The Canadian dollar versus the Japanese yen currency pair is now at the important support level of 81.38, an area which could have already given sings of weakness, but it could also turn out to still be the support everyone is expecting it to be.

Canadian Dollar Slides on Mixed Data

The Canadian dollar is trading lower against a basket of currencies on Thursday as an influx of mixed data is driving the loonie’s short-term performance towards the end of the trading week. The slumping economy is not giving consumers a ton of confidence, suggesting that they may not be as adamant to consume.

Canadian Dollar Weakens on Shrinking Economy, Business Sentiment

The Canadian dollar is weakening on Tuesday after new data showed that the economy contracted in February, reducing some of its gains in January. Thanks to sluggish resource output, analysts are beginning to forecast an economic slump in the first quarter. This could explain why there is declining business sentiment nationwide.

CAD/JPY Consolidating Just Above 82.71

The Canadian dollar versus the Japanese yen dropped from 83.81 after a failed attempt to confirm the level as a support.

Canadian Dollar Plunges As BOC Abandons Bias for Future Rate Hikes

The Canadian dollar is sliding midweek after the central bank removed its bias about future increases to interest rates as the economic slowdown intensifies. This has left the market betting that there will not be a rate hike until at least sometime next year. While it did pledge to adapt monetary policy to incoming data, it does not anticipate substantial growth anytime soon.

Consolidations on NZD/CAD

The New Zealand dollar versus the Canadian dollar is sitting in a very interesting spot.

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