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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, 2018: 2.3%

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

Canadian Dollar Weakens As BoC Imposes Emergency Interest Rate Cut

The Canadian dollar is weakening against many currency rivals to finish out the trading week. Following a week of modest gains, the loonie is falling on the central bank announcing an emergency cut to interest rates as the economy gets battered by coronavirus outbreak and tumbling energy prices.

GBP/CAD May Target 1.7160

The Great Britain pound versus the Canadian dollar currency pair managed to appreciate from 1.6620. Would the pair be able to sustain the gains?

Loonie Falls Against US Peer on Weak Oil Prices Despite Fed News Spike

The Canadian dollar today spiked higher against the US dollar after the Federal Reserve announced massive quantitative easing measures causing the greenback to fall. The USD/CAD currency pair fell briefly before recouping its losses and heading higher as the dollar recovered and the Loonie was weighed down by weak crude oil prices.

Canadian Dollar Crashes Against US Peer on Falling Crude Oil Prices

The Canadian dollar today fell against its US peer as global crude oil prices fell to new lows as Saudi Arabia plans to up production as the oil price war heats up. The USD/CAD currency pair rallied to the 1.4400 high that was last seen in 2016 as demand for the greenback soared driven by the dominant risk-off market sentiment.

Support of 1.6986 Still Holds on GBP/CAD

The Great Britain pound versus the Canadian dollar currency pair respects some very important lines. But which are the new perspectives concerning the old lines?

Canadian Dollar Crashes As Trudeau Shuts Down Border Over COVID-19

The Canadian dollar is crashing against most currency rivals on Monday after the federal government announced that it would shut down the border to non-Canadian citizens. Anyone who is showing symptoms of Covid-19 will not be permitted to enter the country. This was Prime Minister Justin Trudeau’s first major policy response to the virus outbreak, and he confirmed that more fiscal announcements will be coming this […]

Canadian Dollar Surges As BoC Announces Surprise 50-Basis-Point Cut

The Canadian dollar is rallying to close out the trading week after the Bank of Canada (BoC) announced a surprise 50-basis-point cut to interest rates. This comes one week after the central bank imposed a 0.5% reduction that mirrored the Federal Reserve’s recent emergency action. The BoC confirmed that it is not done, signaling that it is ready to do more if it is necessary.

Could NZD/CAD Fall Again from 0.8616?

The New Zealand dollar versus the Canadian dollar currency pair sits just above the neckline level of the head & shoulders that started the year and fueled the strong depreciation that followed. Might it happen again?

GBP/CAD Jumps Back Above 1.7811

The Great Britain pound versus the Canadian dollar currency pair gapped above the important long-time resistance area of 1.7811.

Canadian Dollar Gains on Upbeat Jobs Report, Falls on Russian Oil News

The Canadian dollar today posted gains against the US dollar after the release of upbeat Canadian employment data in the early American session. The USD/CAD currency pair alternated between gains and losses, given that both the loonie and the greenback were weak overall.

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