The Canadian dollar is struggling for direction on Tuesday as investors comb through the latest economic data and weigh near-term crude oil prices. The loonie has weakened in the last week amid renewed strength in the greenback, but the Canadian dollar is still up 0.72% against its US peer.
Commodity currencies were clear winners today, and the Canadian dollar was among them. While the loonie failed to beat its commodity-linked counterparts, like the Australian and New Zealand dollars, it managed to gain on other most-traded currencies. That is despite seemingly adverse fundamentals.
The Canadian dollar was soft today, falling after mixed macroeconomic releases in Canada. Macro reports revealed that last month new house prices have been rising but employment demonstrated a significant decline.
The Russian ruble weakened against its US peer on Tuesday as higher producer prices and weaker industrial production weighed on the currency. The ruble has recorded modest gains against the greenback, driven by rising energy prices and broader optimism in the nation’s economic recovery.
The Canadian dollar was strong today, rising against many of its rivals. The major reasons for the currency’s rally were positive domestic macroeconomic releases and a rally of crude oil prices. The general market sentiment was also supportive of riskier currencies tied to commodities.
The Canadian dollar was one of the weakest currencies on Monday, falling against the majority of its most-traded peers, though not all of them. It was surprising to see such a poor performance considering that fundamentals were largely supportive of the currency.
The Canadian dollar is weakening against its US peer to finish the trading week, paring most of its gains from recent sessions. The loonie is slumping amid declining crude oil prices and developments on the Keystone XL pipeline front. But positive economic data offset some of the bearish news. Could the currency’s push over the last several months come to a screeching halt?
The Japanese yen was the weakest major currency on the Forex market today as traders did not feel a need for safety, dumping the currency. Surprisingly, the Swiss franc avoided a similar fate despite also being considered a safe-haven currency.
The Canadian dollar is kicking off 2021 with a bang against the US dollar as the currency broke the 1.27 mark on Tuesday. The loonie is mostly benefiting from rallying energy prices and a recovery in the manufacturing sector. How much room for growth will there be this year? Should the greenback maintain its downward trend and oil prices extend their gains into 2021, the loonie could have a bullish year.
The Russian ruble is weakening against its US counterpart in the middle of the holiday-shortened trading week. After multiple session gains this month, the ruble is trying to end the year on a high note after becoming one of the worst-performing currencies in global foreign exchange markets. Geopolitical tensions and disappointing economic data could serve as additional barriers for the ruble in 2021.
