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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%

Sovereign Credit Ratings:

Fitch
AAA
Stable
Moody's
Aaa
Stable
S&P
AAA
Stable

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

US Dollar Weakens As Wholesale Inflation Falls

The US dollar is trading lower against its major currency rivals on Tuesday after new US government data found that wholesale inflation declined at the end of 2018, recording its biggest drop in five months. The greenback is also tumbling on a variety of comments from the experts warning about the government shutdown’s impact on the US economy.

Canadian Dollar Weakens on Grim Forecasts, Falling Oil Prices

The Canadian dollar is weakening to end the trading week as grim forecasts and disappointing numbers are sending the currency lower. The loonie was most impacted by a dovish central bank this week as interest rates were left unchanged and the governor sounding the alarm on the broader economy. The country’s trade picture did not help matters.

Canadian Dollar Firm on Positive Macroeconomic Data

The Canadian dollar performed fairly well today thanks to positive domestic macroeconomic data and rebounding crude oil prices. The currency fared far worse yesterday, falling after the monetary policy meeting of the Canadian central bank.

Canadian Dollar Seeks Direction Ahead of Major News This Week

The Canadian dollar is trying to find direction at the start of the trading week ahead of several major news events in the coming days. The loonie is trying to keep up the momentum from last week on the better-than-expected jobs report and rallying energy prices.

Canadian Dollar Rallies on Upbeat NFP and Canadian Jobs Data

The Canadian dollar today rallied against its US counterpart after the release of jobs reports from both countries, which beat expectations. The USD/CAD currency pair spiked briefly after the release of the US non-farm payrolls, but headed lower shortly thereafter as the loonie recovered.

Canadian Dollar Surges to Two-Week High on High Energy Prices

The Canadian dollar surged to its best level in two weeks, just days after lodging its worst annual performance since 2015. The loonie is gaining steam on higher energy prices, but investors are looking to Friday’s labor report, which could signal how the Bank of Canada (BOC) will move on interest rates later this month.

Canadian Dollar Mixed After Macroeconomic Reports

The Canadian dollar was mixed today, falling versus safe currencies, like the US dollar and the Japanese yen, but trading flat or even rising against others. Domestic macroeconomic reports did not help the currency to find direction as they were mixed themselves.

Canadian Dollar Slides to 18-Month Low on Crude Prices, Manufacturing Data

The Canadian dollar is trading sideways against its US rival on Thursday as investors try to make sense of which direction the loonie is headed. The currency has tumbled to an 18-month low on crashing crude oil prices, and the currency was not helped by disappointing manufacturing data.

Canadian Dollar Recovers Against US Peer Despite Weak CPI Data

The Canadian dollar today rallied against the US dollar despite the release of weak Canadian inflation data in the early American session. The USD/CAD currency pair started reversing its earlier gains and extended its losses on the back of negative investor sentiment towards the US dollar.

Canadian Dollar Sinks Alongside Crude Oil

The Canadian dollar sank today, falling to the lowest level since June 2017 versus the US dollar. The main reason for the decline was likely the slump of prices for crude oil, though surprisingly poor macroeconomic data played its part as well.

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