The Canadian dollar is weakening against a basket of currencies midweek as the price of US crude oil cratered as much as 5%. With oil officially sliding into a bear market, the loonie is paring a portion of its year-to-date gains. As economic data continues to be mixed, it might be a difficult second half for the currency.
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.
The Canadian dollar is trading mixed against several major currency rivals on the Canada Day holiday. The loonie is benefiting from the rally in crude oil prices, but its advancements might be capped as the market forecasts a slip in manufacturing numbers ahead of crucial jobs and trade data later this week.
The Canadian dollar is mixed at the end of the trading week, finding direction against several currencies on recent automobile sales data and rallying crude oil prices. The loonie is trying to take advantage of the many dovish comments at the Federal Reserve, further helping the dollar pare its losses in the last week.
The Canadian dollar is weakening on mixed data on Tuesday. The loonie has been unable to keep the momentum from last week’s stellar economic data, gradually paring its gains against the greenback on the year. The Canadian buck could further weaken over the summer as the central bank is unlikely to put forward an aggressive normalization strategy until at least after the federal election.
The Canadian dollar is weakening against several major currency rivals as investor fears over the escalation in the US-China trade war overshadowed upbeat economic data. Despite the disappointing performance midway through the second quarter, the loonie is still in positive territory on the year.
The Canadian dollar weakened to a four-week low on Tuesday ahead of the Bank of Canada (BOC)’s decision on interest rates. The market is anticipating a prolonged pause to rate hikes, which suggests that officials are not confident that the economy can withstand a move to normalize monetary policy. Investors also traded the loonie on rallying energy prices, as well as data that showed nearly half of Canadians are on the brink of insolvency.
The Canadian dollar is rallying to finish the trading week, buoyed by economic growth beating market expectations and rising energy prices. Despite the multiple bearish forecasts regarding the loonie’s future, the currency recorded an impressive 2% to 3% gain against its most-traded rivals in the first quarter of 2019.
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.
The Chinese yuan is reversing its gains this week after touching a one-week high on Wednesday. The decline came as the central bank warned some of the nation’s largest financial institutions about potential “herd behavior” and momentum-chasing moves in the foreign exchange market.
