The Canadian dollar today fell significantly against its US counterpart following the release of the latest Canadian employment data, which missed expectations. The USD/CAD currency pair was also boosted by the resurgent greenback, which was fueled by the upbeat US nonfarm payrolls report released at the same time.
The Canadian dollar dropped today after nation’s gross domestic product showed no growth in June, disappointing market participants. Hopes for a NAFTA deal remained a positive factor for the currency, which may support it in the near future.
The Canadian dollar rallied against its major peers today (though failed to gain on the strong euro) after the United States and Mexico reached a preliminary trade agreement, giving hope that the similar deal can be reached with Canada.
The Canadian dollar was among the weakest currencies today despite solid macroeconomic data and gains of crude oil, Canada’s major export commodity. The possible reason for that were resurfacing concerns about the Turkish situation.
Canada’s employment data released today was much better than forecasts, but the performance of the Canadian dollar was largely driven by the market sentiment. As a result, the loonie gained against the extremely weak euro, but fell versus safe currencies, such as the US dollar and the Japanese yen.
The Canadian dollar was mixed on Thursday, rising against the euro but falling versus the US dollar and staying almost flat against the Japanese yen. Domestic macroeconomic data was also mixed, making no incentive for the currency to go one way or the other.
The Canadian dollar ended the past week as the strongest currency on the Forex market thanks to economic data and optimism about NAFTA talks.
The Canadian dollar rallied today, reversing its earlier losses. The currency got a boost from Canada’s solid economic growth.
The Canadian dollar traded flat-to-lower against its major rivals today following the decline of crude oil prices. For the week, though, the currency was heading to strong gains.
The Canadian dollar rallied today. The rally was likely a result of the rising prices for crude oil — Canada’s major export commodity, which often has a big impact on the performance of the loonie.
