The Great Britain pound versus the Canadian dollar currency pair seems to be setting the grounds for a new rally. Any signs of the opposite?
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
GBP/CAD Rotating After 1.7178 Low
April 1, 2021 at 4:46 Canadian Dollar, Great Britain Pound, Technical Analysis
Canadian Dollar Renews 2021 Rally Against US Peer?
March 31, 2021 at 16:38 Canadian Dollar
The Canadian dollar could be renewing its 2021 rally against its US peer in the middle of the trading week, buoyed by better-than-expected economic data from earlier this year. The loonie also found additional support on rising crude oil prices and optimism for future economic prospects. Can the Canadian dollar break below 1.25 next month?
Bears Took Over GBP/CAD from 1.7285
March 25, 2021 at 5:42 Canadian Dollar, Great Britain Pound, Technical Analysis
The Great Britain pound versus the Canadian dollar currency pair seems to be under bearish pressure. Can the bulls do something for a change?
Canadian Dollar Falls Against US Peer Despite Upbeat Retail Sales Data
March 19, 2021 at 15:43 Canadian Dollar
The Canadian dollar fell against its Southern neighbor for the second consecutive session despite the release of upbeat fundamental data from Canada. The USD/CAD currency pair initially fell as the loonie benefited from rising global crude oil prices, but the decline was short-lived as the pair later rallied higher.
Bears Took Over GBP/CAD from 1.7567
March 18, 2021 at 5:33 Canadian Dollar, Great Britain Pound, Technical Analysis
The Great Britain pound versus the Canadian dollar currency pair seems to have been overwhelmed by the bears. Are the bulls able to make a change sooner rather than later?
USD/CAD Tests 1.25 As Falling Crude Prices, Fed Meeting Weigh on Loonie
March 17, 2021 at 15:25 Canadian Dollar
The Canadian dollar is modestly sliding against its US peer in the middle of the trading week, ostensibly hitting the pause button as one of the world’s top-performing currencies. The loonie is paring its gains mostly on falling energy prices, as well as investors seeking shelter in conventional safe-haven assets, like the US dollar and the Swiss franc. But what about domestic data?
Canadian Dollar Surges amid Higher Bond Yields, Strong Jobs Report
March 12, 2021 at 17:15 Canadian Dollar
The Canadian dollar strengthened against its US counterpart to close out the trading week, buoyed by a better-than-expected jobs report and rallying bond yields. Despite some tepid hiccups this year, the loonie has gained about 2% against the greenback so far in 2021. With rising energy prices and the economic recovery advancing, the Canadian dollar might have more room for growth. According to Statistics Canada, the economy added 259,200 new […]
Bulls to Fight for 1.7567 on GBP/CAD?
March 11, 2021 at 5:40 Canadian Dollar, Great Britain Pound, Technical Analysis
The Great Britain pound versus the Canadian dollar currency pair seems to be under bearish pressure. Still, the bulls are not yet ready to let go.
Loonie Falls Against Dollar on Weak Oil Prices, Gains on BoC Rate Decision
March 10, 2021 at 20:39 Canadian Dollar
The Canadian dollar remained largely weaker than the US dollar, driven by the weak crude oil prices that weighed on the commodity-linked loonie. The USD/CAD currency pair’s gains went against the losses incurred by the greenback as US Treasury yields fell amid the expected increase in US bonds’ supply.
Canadian Dollar Falls Against Dollar, Later Rallies Despite Upbeat US Jobs Data
March 5, 2021 at 17:34 Canadian Dollar
The Canadian dollar fell against the dollar leading up to the US non-farm payrolls report’s release but managed to recoup some of its losses afterwards. The USD/CAD currency pair fell after the release but later rallied as the greenback clawed back some of the loonie’s gains boosted by the falling US equities.