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Canadian Dollar Drops Against US Peer, Recovers on Poloz’s Speech

The Canadian dollar today lost ground against its US peer as the greenback posted gains boosted by President Donald Trump’s comments about a strong dollar. The USD/CAD rallied higher earlier today before giving up all its gains later in the session as the loonie recovered on hawkish comments from the Bank of Canada Governor.

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 Rallies on Chinese Stimulus, Higher Crude Prices

The Canadian dollar is rallying midweek on China’s latest announcements of fiscal and monetary stimulus to combat the negative economic effects of the Wuhan coronavirus, also officially known as Covid-19. The loonie also benefited from soaring crude oil prices on Wednesday, but gains were capped on warnings that the rail blockade by protesters will affect the national economy.

NZ Dollar Little Lower After Economic Data from China & New Zealand

The New Zealand dollar traded either flat or a little lower against its major rivals after opening sharply lower today. The unexpectedly poor report about the trade balance in China hurt the market sentiment a bit. But the negative impact on the New Zealand dollar was limited as the data was not entirely bad. On top of that, domestic macroeconomic data was supportive of the kiwi.

Canadian Dollar Slumps on Weak Manufacturing Sales, BoC Caution

The Canadian dollar is weakening midweek as new manufacturing sales data and a cautious Bank of Canada (BoC) put pressure on the loonie. While the financial market is nearing all-time highs, the national economy is not experiencing the same level of success. Overall, the Canadian economy remains anemic, but the central bank did note that has the tools to accommodate and prevent further weakness.

Canadian Dollar Mixed After Manufacturing Sales Demonstrate Surprisingly Big Drop

The Canadian dollar was mixed today, rising against some rivals, falling versus others, and staying flat against some. Fundamentals were negative to the currency, with an unexpectedly big drop in manufacturing sales and retreating prices for crude oil.

NZ Dollar Soft as Manufacturing Sales Fall

The New Zealand dollar opened below Friday’s close today. The currency attempted to rebound before pulling back. Markets were relatively quiet today, so the likely reason for the currency’s losses was negative domestic macroeconomic data.

Canadian Dollar Soft After Manufacturing Sales Fall

The Canadian dollar managed to rebound versus the US dollar but was soft against other majors today. Domestic macroeconomic data was not especially bad and crude oil attempted to rally but that apparently was not enough to support the loonie.

Canadian Dollar Mixed on Higher Auto Sales, Crashing Energy Prices

The Canadian dollar is mixed against a basket of currencies on Tuesday as investors sift through new motor vehicle sales data and foreign securities purchases for May. The loonie was sent lower on crashing energy prices, which is bad news for a resource-rich market. Traders will now wait for June inflation numbers that are expected to be lower than in May.

Rising Oil Prices Help Canadian Dollar Ignore Unfavorable Data

The Canadian dollar was generally firm today despite unfavorable domestic macroeconomic data. The likely reason for the loonie’s good performance was the sharp rally of prices for crude oil, Canada’s major source of export revenue.

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