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Will the Loonie Erode Further After Poloz?

Loonie has been sinking, in an overall trend kind of way, since Stephen Poloz took over at the Bank of Canada. With another policy statement on the way today, there are expectations that the Canadian dollar could go lower, particularly against the US dollar.

Canadian Dollar Makes Up Some Lost Ground

Canadian dollar is making up some lost ground today, gaining against the US dollar. After disappointing data at the end of last week, the loonie headed lower, but today the Canadian currency is making something of a turnaround. Many Forex traders are looking forward to the interest rate announcement expected from the Bank of Canada on Wednesday.

Canadian Employment Provides Nasty Surprise, CAD Sinks

Canadian employment demonstrated strong growth in May and economists were expecting June to follow suit, showing continuous improvement of the labor market. Yet today’s report provided a nasty surprise to those Forex market participants who were hoping to buy the loonie as employment data was not good at all, driving the currency down sharply.

Could Copper Hold the Key to Loonie Performance?

Canadian dollar is higher today, and so are copper prices. While we often think of the loonie as a petrocurrency, the truth might be that it is really more closely related to copper — and that might be giving the Canadian dollar a boost today.

Loonie Looks for Gains Against Greenback

Speculators taking short positions on the loonie against the greenback are starting to capitulate a little bit. With inflation picking up in Canada, there is interest in what policymakers will do next, and some think that action will include some sort of interest rate hike, or some other mechanism to slow inflation.

Housing Stats Help Loonie Against European Currencies

Better housing stats are helping the Canadian dollar against its European counterparts. However, the US dollar is still on something of a tear, and the loonie remains down against its neighbor to the south.

ECB Acts, Euro Unfazed, Ending Week Resilient

This week had quite a few important events that have affected the Forex market. The most important of them were the meetings of various central bank and US non-farm payrolls. There were reasons to believe that the euro would fall over the week, but surprisingly enough the currency remained rather resilient.

Forex Traders Continue to Bet Against Loonie

Canadian dollar is lower today, continuing its weakness. Forex traders expect the Bank of Canada to keep rates steady this week, and a hike isn’t expected anytime soon.

Loonie Mixed as Traders Look for Direction

Canadian dollar is mixed today, thanks in large part to questions about what’s next for the loonie, and for currencies in general. Right now, it doesn’t seem as though many currencies are moving according to market data, and there is a great deal of head scratching going on.

Loonie Clings to Gains Along With Other Commodity Currencies

Commodity currencies are still clinging to gains, even after a bit of a pull back following yesterday’s commodity-fueled run. Canadian dollar is one of those that remains mostly higher against its major counterparts, logging gains against the US dollar.

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