The Canadian dollar versus the Japanese yen currency pair corrected sharply and, as a consequence, some might already think of shorting it. But is it the pair really ready to give the bears a new go?
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%
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
CAD/JPY Might Have Other Plans for the Descending Trend
September 13, 2019 at 7:34 Canadian Dollar, Japanese Yen, Technical Analysis
Canadian Dollar Falls Against US Peer on Weak Crude Oil Prices
September 12, 2019 at 17:06 Canadian Dollar
The Canadian dollar today broke down against the US dollar as global crude oil prices fell following the absence of more output cuts by the OPEC and its allies at today’s meeting. The USD/CAD rallied higher during the American session as oil prices fell causing the commodity-linked loonie to weaken against the greenback.
Canadian Dollar Hits Six-Week High on Crude Oil Rally, Strong Housing Data
September 10, 2019 at 15:44 Canadian Dollar
The Canadian dollar strengthened to a six-week high on Tuesday, driven by a rally in crude oil prices and strong housing data. The Canadian economy, which has been anemic for much of 2019, has enjoyed a string of positive economic reports lately, impressing investors at a time of global volatility. This is good news for the incumbent government with an election about a month away.
Canadian Dollar Rallies with Help of Domestic & Global Fundamentals
September 7, 2019 at 1:00 Canadian Dollar
The Canadian dollar gained today, joining other commodity currencies in a rally. While the positive general sentiment on the Forex market undoubtedly helped the currency, it also had its own reasons to rise.
NZD/CAD Reconquered 0.8400. What’s the Next Target?
September 6, 2019 at 7:57 Canadian Dollar, New Zealand Dollar, Technical Analysis
The New Zealand dollar versus the Canadian dollar currency pair bounced off 0.8344 after a very convincing decline, letting the bears know that their dominance, at least for the time being, is over.
Loonie Mixed Despite Positive Fundamentals
September 5, 2019 at 20:02 Canadian Dollar
The Canadian dollar was mixed today, falling against such currencies as the US dollar and the euro but rising versus safe currencies, like the Japanese yen and the Swiss franc. Fundamentals specific for the loonie were largely positive, but apparently, factors that were affecting the Forex market in general had a bigger impact on the Canadian currency.
Canadian Dollar Jumps After BoC Holds Interest Rates
September 4, 2019 at 15:54 Canadian Dollar
The Canadian dollar rallied today after Canada’s central bank preferred to avoid cutting interest rates. Wednesday’s domestic macroeconomic data was negative for the loonie, but the currency ignored it for the most part.
Correction or Trend Change on AUD/CAD?
September 4, 2019 at 6:37 Australian Dollar, Canadian Dollar, Technical Analysis
The Australian dollar versus the Canadian dollar currency pair retraced sharply from the area of the 0.8900 psychological level. Even if the price is nearing important resistance areas, the fact that such a strong bullish candle was printed on September 3, makes the bears question whether or not they should short the market.
Canadian Dollar Soft on Weak Manufacturing, Falling Crude Oil Prices
September 3, 2019 at 18:22 Canadian Dollar
The Canadian dollar was soft today, dragged down by weak manufacturing data and plunging crude oil prices. The loonie did not perform that bad, though, considering all the negative factors influencing the currency.
Canadian Dollar Soars on Strong Q2 GDP
August 30, 2019 at 13:43 Canadian Dollar
The Canadian dollar is rallying to finish the trading week, driven by a better-than-expected gain in second-quarter gross domestic product. The loonie’s rebound may give credence to analysts’ predictions that the currency is poised for a breakout performance to close out the year. Because the Canadian economy has been so anemic for much of 2019, the dollar has been struggling against most major currency rivals as of late.