The Great Britain pound versus the Canadian dollar currency pair seems to be heading southward. But is this the start of a new depreciation, or are the bulls setting up a rally?
Canadian Dollar CAD
Detailed information and fundamental factors
Central Bank: Bank of Canada
Interest Rate: 0.25%
Public Debt to GDP Ratio, 2020: 114.6%
Trade Balance, 2019: -$29.3 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
Bears Target 1.7285 on GBP/CAD?
January 14, 2021 at 5:37 Canadian Dollar, Great Britain Pound, Technical Analysis
Canadian Dollar Trails Resurgent US Peer on Disappointing Jobs Data
January 8, 2021 at 16:02 Canadian Dollar
The Canadian dollar today lost ground against the dollar for the third consecutive session despite rising global crude oil prices as the greenback rallied. The USD/CAD currency pair edged higher for the third consecutive session following the release of disappointing employment reports from both Canada and the US.
Can the Bulls Thrust to 1.7587 on GBP/CAD?
January 7, 2021 at 5:44 Canadian Dollar, Great Britain Pound, Technical Analysis
The Great Britain pound versus the Canadian dollar currency pair seems to be under constant bearish pressure. Will the bulls hold up this time as well?
Canadian Dollar Strengthens on Oil Rally, Manufacturing Rebound
January 5, 2021 at 17:20 Canadian Dollar
The Canadian dollar is kicking off 2021 with a bang against the US dollar as the currency broke the 1.27 mark on Tuesday. The loonie is mostly benefiting from rallying energy prices and a recovery in the manufacturing sector. How much room for growth will there be this year? Should the greenback maintain its downward trend and oil prices extend their gains into 2021, the loonie could have a bullish year.
USD/CAD Falls Amid Quiet Holiday Market Session, Crude Oil Rally
December 29, 2020 at 17:10 Canadian Dollar
The Canadian dollar is adding to its 2020 gain against its US peer on Tuesday, driven by rising crude oil prices and a greater risk appetite in the broader financial markets. The loonie has stabilized for the last several months, with much of its rally occurring since September. Could the loonie ignite a significant rally next year?
Canadian Dollar Falls As New COVID-19 Strain Weighs on Crude Oil
December 22, 2020 at 20:34 Canadian Dollar
The Canadian dollar fell against its US counterpart on Tuesday as a new strain of the coronavirus weighed on crude oil prices. So far this holiday-shortened trading week, investors have been seeking refuge in the traditional safe-haven asset, highlighting legitimate concerns over the threat of this COVID-19 mutation. Will other currencies in foreign exchange markets slump should the situation intensify?
Canadian Dollar Plunges Despite Upbeat Retail Sales, Rising Oil Prices
December 18, 2020 at 17:02 Canadian Dollar
The Canadian dollar today continued to lose ground against its US neighbour driven by the risk-off market sentiment, which favoured the safe-haven greenback. The USD/CAD currency pair rallied higher reversing yesterday’s losses as investors flocked ignored rising oil prices, causing the commodity-linked loonie to fall.
Bulls Able to Capture 1.7285 on GBP/CAD?
December 17, 2020 at 4:24 Canadian Dollar, Great Britain Pound, Technical Analysis
The Great Britain pound versus the Canadian dollar currency pair seems to be a little undecided. Is this the chance for the bears?
Canadian Dollar Plunges on Dovish BoC and FOMC Rate Decision
December 16, 2020 at 20:28 Canadian Dollar
The Canadia dollar was on a losing streak today as investors digested yesterday’s dovish comments by the Bank of Canada regarding the currency’s value. The USD/CAD currency pair today rallied higher as investors sold the loonie after realising that Canada’s central bank was very uncomfortable with its strength.
Canadian Dollar Pauses 2020 Rally Against US Peer Amid Falling Crude Prices
December 11, 2020 at 20:20 Canadian Dollar
The Canadian dollar weakened against its US peer to close out the trading week, with energy prices and producer prices coming into focus. The loonie is still on track to record a modest weekly gain against the greenback, but its overall 2020 performance in the foreign exchange markets has been remarkable.