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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 Fails to Find Support from Positive Fundamentals

The Canadian dollar dropped against its most-traded rivals today. That was puzzling considering that the employment report released during the trading session was good and crude oil prices rose.

USD/CAD Declines on US and Canadian Employment Reports

The USD/CAD currency pair today declined to new lows after the release of mixed employment reports from both the USA and Canada. The currency pair was on a downward trend from earlier in the session after President Donald Trump exempted Canada and Mexico from the new steel and aluminum tariffs.

USD/CAD Rallies on BoC Rate Decision amid Trade Tensions

The Canadian dollar today weakened against its US counterpart after the Bank of Canada left interest rates intact, which drove the USD/CAD currency pair to new highs. The Canadian dollar was also under intense selling pressure due to fears that a trade war with the USA would hurt the country’s economy as the US is a major export market.

Canadian Dollar Weakens on Trader War Concerns & Slowing Growth

The Canadian dollar was weak across the board today, reaching the lowest level in more than a year against many of its most-traded peers. There were several possible reasons for that, most important of them were prospects for trade wars and slowing economic growth in Canada.

Loonie Extends Decline After Underwhelming Wholesale Sales

The Canadian dollar attempted to rise in the Tuesday session but failed and backed off. The currency extended its decline following the release of underwhelming wholesale sales data.

Canadian Dollar Hit by Biggest Decline in Employment Since 2009

The Canadian dollar dropped today after Canada’s employment ended the longest streak of gains since 2002, contracting last month. The loonie managed to bounce against European majors like the euro and the Swiss franc but kept losses versus such currencies as the US dollar and the Japanese yen.

Canadian Dollar Soft Ahead of Friday’s Employment Report

The Canadian dollar fell against basically all of its most-traded counterparts following the release of mixed macroeconomic data earlier today. Additionally, some market analysts explained the currency’s weakness by traders being cautious ahead of tomorrow’s jobs data.

Loonie Follows Crude Oil in Decline, Ignoring Increase in Building Permits

The Canadian dollar fell against its most-traded peers today (though not against the surprisingly soft euro) even after a report revealed that Canadian building permits climbed by more than two times the forecast amount in December. The likely reason for the drop was the decline of crude oil prices.

Canadian Dollar Firm Despite Falling CPI

The Canadian dollar rose against some of its major peers today, including the US dollar and the euro, though not all of them, falling versus the Japanese yen. The currency was relatively firm despite the bigger-than-expected drop of consumer prices.

Canadian Dollar Gets Support from Economic Data & Crude Oil

The Canadian dollar rallied against its most-traded peers today (with the exception of the rather strong euro) as Statistics Canada released a very positive macroeconomic report. The rally of crude oil also contributed the currency’s gains.

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