The Canadian dollar posted mild gains against its American counterpart on Monday as the loonie climbed above 76 cents for the first time in a week. While the loonie will try to find direction from the US dollar, investors will also concentrate on several key economic events this week.
The Canadian dollar today appreciated against its American counterpart after the Bank of Canada‘s interest rate decision, which was widely anticipated. The loonie’s rally served to drive the USD/CAD currency pair to fresh 2-day lows even as the BoC hinted at a hawkish stance on future monetary policy decisions.
The USD/CAD currency pair today headed lower as the Canadian dollar gained against its US counterpart following disappointing jobs reports from both countries. The pair’s decline was further accelerated by the selling pressure on the US dollar following the high US unemployment rate reported.
The New Zealand dollar rallied today, rising for the fourth consecutive trading session against some of its rivals, including the US dollar and the euro.
The US dollar emerged as the strongest currency on the Forex market today after trade war tensions continued to escalate as US President Donald Trump chose the European Union as the new target for his criticism of unfair trade deals.
The Australian dollar was the weakest currency on the Forex market during the current trading session, falling against all other most-traded rivals. The most likely reason for that was the persisting fears of trade wars between the United States and their trading partners. Macroeconomic releases on the weekend and Monday were mixed, giving the currency no reason to go in one direction or the other.
The Canadian dollar ended Friday’s trading extremely strong thanks to the positive domestic macroeconomic data, rising crude oil prices, and the general positive market sentiment.
The New Zealand dollar gained against some currencies but fell versus European ones, like the euro and the Swiss franc, most likely because the European Union was able to reach an agreement about immigration.
The New Zealand dollar slumped today after the Reserve Bank of New Zealand released monetary policy statement that was more dovish than market participants had anticipated.
The New Zealand dollar fell against its most-traded peers today following the mixed macroeconomic reports and ahead of the central bank’s policy meeting.
