The Canadian dollar also referred to as the ‘loonie’ today rallied higher against the US dollar as oil prices soared during the Asian session. However, the loonie’s gains were short-lived as oil prices quickly fell during the European session reversing the USD/CAD currency pair’s losses and launching a sustained rally.
The New Zealand dollar versus the Canadian dollar currency pair is in a very aggressive ascending phase, and orchestrated by other factors it might be able to pierce the 0.8900 psychological level and turn it into a support.
The Great Britain pound ended the week as the weakest currency on the Forex market. While the sterling got some help from domestic macroeconomic data, Brexit fears continued to hurt the currency. The US dollar and the euro were also soft. Commodity currencies were clear winners during the past trading week.
The Canadian dollar was mixed today, unsure where to go amid opposing fundamentals. While domestic macroeconomic data was very detrimental to Canada’s currency, rising prices for crude oil was a supportive factor for the loonie.
The US dollar is finishing the trading week higher against a handful of currencies as the market appears to be moving on from recent comments pertaining to the greenback’s valuation. With a Federal Reserve bank president discussing the need for action ahead of a crisis and some data to throw in the mix, it has been a fun ride for the dollar this week.
The Canadian dollar was performing extremely poor today. While the loonie has managed to erase intraday losses versus the US dollar by now, the Canadian currency remained below the opening level against other most-traded rivals. The most likely reason for the drop was the decline of crude oil prices. Positive Canadian employment data did little to help the currency.
The Australian dollar versus the US dollar currency pair is at an important resistance area, but the bulls are very determined. The clues for which path the price will take lie in a few details.
Australian employment data came out today much weaker than was expected. Yet that did not prevent the Australian dollar from rising against the majority of its most-traded peers.
The US dollar versus the Japanese yen might look as if it is ready for a rally, but the chart tells a different story.
The US dollar is taking a breather midweek following a strong session on Tuesday, driven by strong economic data that left investors feeling ebullient. A string of housing numbers did come out, but the market did anticipate weakness in the sector, which could adjust traders’ minds about the world’s largest economy being on solid footing.
