
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?
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Canadian Dollar CAD
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%
Major commodity exporter
medium
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.
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?
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.
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?
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.
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?
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?
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.
The Great Britain pound versus the Canadian dollar currency pair seems to be a little undecided. Is this the chance for the bears?
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.
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.