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Canadian Dollar Weakens on Data, Energy Prices

The Canadian dollar is weakening against several major currencies to start the trading week as the loonie is still reeling from bad data. The dollar faced additional pressure on tumbling energy prices and investors sounding the alarm about Canada’s perpetual budget deficit problem. The loonie may get a bit of reprieve from a light-data calendar.

Canadian Dollar Weakens on Bearish Forecasts

The Canadian dollar is weakening to start the trading week, driven by multiple bearish forecasts that suggest the loonie will crumble to multi-year lows. The buck’s losses were capped by rallying energy prices as crude oil prices have surged more than 5% in the last week.

Canadian Dollar Flat Amid Bleak Economic Outlook, GM Closure

The Canadian dollar is trading relatively flat to start the trading week. Despite upward momentum in the Canadian economy, recent outlooks suggest that it is not as rosy as many think it is. Moreover, the currency was affected after General Motors announced that it was leaving Canada as the company was embarking upon an overall change to its structure. The loonie did find some momentum in higher crude prices.

Canadian Dollar Cannot Hold Onto Momentum in USMCA Aftermath

The Canadian dollar is trading lower on Tuesday in the aftermath of the historic trilateral trade deal between Canada, the US, and Mexico. The loonie could not sustain the momentum, especially as energy futures tumbled. The buck may now find short-term direction in this week’s September jobs report and August trade data.

Canadian Dollar Weakens to One-Week Low on Trump-NAFTA Spat

The Canadian dollar weakened to its lowest level in a week as traders are doubtful that Ottawa can reach a new trade deal with the US. Trade negotiations hit a roadblock midweek after President Donald Trump weighed in on the talks and revealed he rejected a meeting with Prime Minister Justin Trudeau. The escalating trade tensions could lead to Canada sitting on the sidelines of a US-Mexico bilateral agreement.

Canadian Dollar Plunges on Fed Rate Hike, NAFTA Uncertainty

The Canadian dollar is plunging midweek after the Federal Reserve raised interest rates and on growing uncertainty regarding a new North American Free Trade Agreement (NAFTA). Without any upcoming Canadian economic events, traders will look ahead to key US numbers later this week.

NAFTA, Higher Energy Prices Push Up the Canadian Dollar

The Canadian dollar is trading higher on Thursday on higher energy prices and renewed North American Free Trade Agreement (NAFTA) negotiations between Canadian and US officials. With NAFTA talks at a standstill, the loonie has been finding support from rallying crude oil, allowing the currency to near a three-week high.

Canadian Dollar Poised for Biggest Weekly Gain Since April

The Canadian dollar weakened on Friday, but the loonie is still on track for its biggest weekly gain in about five months. The currency recorded gains on surging oil prices, but they were capped on reports that the US and Mexico might exclude Canada from a trade deal, especially with the month-end deadline on the horizon.

Canadian Dollar Drops As GDP Shows No Growth

The Canadian dollar dropped today after nation’s gross domestic product showed no growth in June, disappointing market participants. Hopes for a NAFTA deal remained a positive factor for the currency, which may support it in the near future.

Mexican Peso Rallies on US-Mexico Trade Agreement

The Mexican peso is rallying against its American counterpart on Monday after officials announced a new US-Mexico trade agreement that would scrap the North American Free Trade Agreement (NAFTA) name because of “bad connotations.” The two nations will now wait to see if Canada will agree to a bilateral pact with Washington.

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