The Canadian dollar fell against most of its major peers on Wednesday, with the exception of the US dollar. That was surprising, considering that fundamentals did not look particularly bad for the currency.
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
Canadian Dollar Soft, Ignores Sharp Rise of Crude Oil Prices
March 20, 2019 at 23:46 Canadian Dollar
Canadian Dollar Weakens on Bearish Forecasts
March 18, 2019 at 17:49 Canadian Dollar
The Canadian dollar is weakening to start the trading week, driven by multiple bearish forecasts that suggest the loonie will crumble to multi-year lows. The buck’s losses were capped by rallying energy prices as crude oil prices have surged more than 5% in the last week.
Canadian Dollar Strengthens on Rallying Energy Prices
March 13, 2019 at 19:08 Canadian Dollar
The Canadian dollar is strengthening to a one-week high against its American counterpart midweek on rallying energy prices and slowing US inflation. The bearish domestic outlook is lingering in the background as investors fear that, despite the impressive February jobs report, the national economy is barely expanding, even with the pause on interest rate hikes.
Canadian Dollar Firm As Crude Oil Rallies More than 1%
March 11, 2019 at 23:24 Canadian Dollar
The Canadian dollar was generally strong on Monday, likely due to the rally of crude oil prices. The loonie often follows moves of the commodity because it is Canada’s biggest source of export revenue.
Canadian Dollar Gains on Upbeat Jobs Data and Mixed US NFP
March 8, 2019 at 17:13 Canadian Dollar
The Canadian dollar today rallied against its US counterpart for the first time this week following the release of upbeat Canadian jobs data in the early American session. The USD/CAD currency pair today broke its 6-day rally streak as the loonie gained against the greenback boosted by the mixed NFP report.
Canadian Dollar Falls After Dovish BoC Rate Decision and Statement
March 6, 2019 at 20:43 Canadian Dollar
The Canadian dollar today fell drastically against its US counterpart following the Bank of Canada‘s dovish interest rate decision. The USD/CAD currency pair today rallied to new 2-month highs following the BoC’s cautious statement in the early North American session.
Canadian Dollar Weakens to Five-Week Low Ahead of BOC Decision
March 5, 2019 at 20:37 Canadian Dollar
The Canadian dollar weakened to its lowest level against its American counterpart in five weeks. The multi-week low comes ahead of the central bank announcing its intentions on interest rates, and the world’s second-largest economy potentially striking a blow to the slowing Canadian economy. The loonie was lifted by a modest bump in energy prices.
Canadian Dollar Ends Week Soft due to GDP, Crude Oil Prices
March 2, 2019 at 20:54 Canadian Dollar
The Canadian dollar sank this week, ending as the weakest currency on the Forex market, due to poor domestic macroeconomic data. There were plenty of important events this week, both good and bad.
Canadian Dollar Weakens on Q4 Slowdown, Current Account Gap
March 1, 2019 at 15:52 Canadian Dollar
The Canadian dollar tumbled against some of its major rivals to kick off the new month on Friday. The loonie fell on reports that economic growth slowed in the fourth quarter, and new data that found the nation’s current account deficit widened during the October-to-December period. The buck has had a rough start to 2019, and many analysts anticipate the pain to continue.
Canadian Dollar Rallies on Higher Oil Prices and Mixed CPI Data
February 27, 2019 at 16:45 Canadian Dollar
The Canadian dollar today rallied higher against its southern neighbor driven largely by rising oil prices during the European session. The loonie extended its gains in the early American session after the release of mixed Canadian inflation data to drive the USD/CAD currency pair to new daily lows.