The Canadian dollar is weakening against its American counterpart on Monday, driven by falling crude prices and mixed economic data. The loonie was looking to extend the momentum following last week’s upbeat jobs report, but it has since joined other commodity currencies in the decline.
The Canadian dollar ended the week lower, joining other commodity currencies in decline. The main theme of the week was risk aversion on the Forex markets, which made safer currencies the strongest, while hurting riskier currencies related to raw materials and growth.
The US dollar is tumbling at the end of the trading week as a new jobs report was weaker than expected. The greenback’s losses were capped on a new survey that found consumer sentiment remains strong. With the equities markets in shambles, and the Federal Reserve behaving in a dovish manner, it is possible that the buck’s 2018 ascent may crumble heading into 2019.
The Canadian dollar today rallied higher against its US counterpart following the release of upbeat Canadian jobs data, versus the disappointing US nonfarm payrolls data. The USD/CAD dropped to new weekly lows on the jobs data as well as the higher global crude oil prices, which also favored the loonie.
The US dollar declined against its major peers today despite the risk-negative sentiment. Market analysts explained the drop by falling Treasury yields and disappointing employment data.
The Canadian dollar is tumbling on Thursday as the price of oil plunges and the Bank of Canada (BOC) issues another bearish warning about the national economy. The loonie has performed poorly against the greenback, sliding nearly 1% over the last week and 7% so far this year.
The Australian dollar tanked today, falling for the fourth consecutive trading session. Domestic macroeconomic data was mixed, but it was overshadowed by global news that was negative to the market sentiment.
The Canadian dollar sank today following the release of a surprisingly dovish policy statement from the Bank of Canada. The currency traded at the lowest level since September against most of its major rivals, while against the US dollar the loonie touched the lows not seen since June 2017.
The Australian dollar tumbled against its most-traded counterparts today as nation’s economic growth was disappointing. The general negative market sentiment was also unfavorable to the currency.
The Australian dollar was mixed today after the nation’s central bank kept interest rates unchanged, while the current account deficit narrowed.
