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Canadian Dollar Flat As Oil Slumps, Manufacturing Rebounds

The Canadian dollar is trading flat against its G10 currency rivals at the end of the holiday-shortened trading week. The loonie has been gaining against several of its counterparts over the last week, despite an influx of disappointing economic data. With energy prices firmly rebounding and the investors selling the US dollar, could the Canadian dollar have a strong second half?

Canadian Dollar Mixed As BoC Warns of ‘Prolonged and Bumpy’ Recovery

The Canadian dollar is trading mixed on Tuesday after the central bank warned that the economy faces a “prolonged and bumpy” recovery that might require additional fiscal and monetary stimulus tools. The loonie is finding support in rallying crude oil prices that have enjoyed multi-month highs after sliding below zero in April.

Canadian Dollar Soft Despite Rally of Crude Oil

The Canadian dollar was trading in the red for the most part today. The loonie was flat against the Japanese yen and gained on the Australian dollar but dropped versus the rest of the most-traded currencies. This is surprising considering the strong rally of crude oil, Canada’s major export commodity.

Canadian Dollar Continues April Comeback As Crude Rally Lifts Loonie

The Canadian dollar is staging its late-April comeback against several of its G10 currency rivals. The loonie, which has been battered throughout much of the year, continued its rally midweek as the double-digit gains in crude oil prices lifted the currency. Could the Canadian dollar continue its upward trend next month?

Australian Dollar Rallies on CPI, Trims Gains Later

The Australian dollar rallied today on a positive inflation report but has trimmed its gains by now, erasing them outright against some rivals. The New Zealand dollar managed to rise against its Australian counterpart but has erased its gains by now as well.

Japanese Yen Flat-to Higher After Economic Data

The Japanese yen was trading flat against some of its major rivals today but managed to gain on others. Hopes of a lift of the lockdown measures in various countries across the world and underwhelming domestic macroeconomic data were weighing on Japan’s currency but fears of a global economic recession that is going to follow the coronavirus pandemic and falling crude oil prices were boosting the yen.

Australian Dollar Trades Lower After RBA Minutes, Drop of Crude Oil Below $0

The Australian dollar fell against almost all of the most-traded currencies today with the exception of the New Zealand dollar. The main reasons for the decline were the negative market sentiment and the dovish outlook for the monetary policy of Australia’s central bank.

Loonie Sinks As Crude Oil Trades at 18-Year Lows Despite Supply Cuts

The Canadian dollar today extended its losing streak against the US dollar for the second day in a row despite yesterday’s hawkish rate decision by the Bank of Canada. The USD/CAD currency pair surged higher as the loonie remained under pressure due to falling crude oil prices despite recent output cust by OPEC+ and some US producers.

Canadian Dollar Plunges As GDP Contracts 9% in March, BoC Unveils New QE

The Canadian dollar hit the pause button on its recent rally after the federal government released its gross domestic product (GDP) reading early for the first time ever. The loonie is slumping on news that economic activity suffered the biggest monthly decline in history. With falling energy prices and accommodating central bank, it could be a downward trend for the Canadian dollar in the near-term.

Canadian Dollar Mixed As COVID-19 Kills One Million Jobs in March

The Canadian dollar is mixed on Friday as the federal government released the worst jobs report in the nation’s history. Due to the coronavirus pandemic shutting down the country from coast to coast, the economy shed more than one million jobs, significantly raising the unemployment rate in March. And this is just the beginning, experts warn.

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