The Canadian dollar is slumping to its lowest level in two weeks against the US dollar on Tuesday. The loonie is plummeting primarily on crude oil crashing as much as 9%, joining the broader market selloff. It is going to be relatively quiet on the data front this week, which means the loonie will find direction on energy prices and the central bank’s midweek policy meeting.
The Canadian dollar pared its weekly gain to close out the trading week, driven primarily by slumping energy prices. But the loonie’s drop was capped by better-than-expected manufacturing data. Still, the Canadian dollar is poised for a significant 1% weekly advance against the US dollar as the currency continues its rebound following an abysmal first half of 2020.
The Canadian dollar is trading mixed against its most traded currency rivals midweek. The loonie has been gaining on the greenback on Wednesday as higher-than-expected inflation and strong retail sales data were in the backdrop of the Canadian dollar’s ascent. But falling energy prices capped the currency’s modest rally.
The Canadian dollar is failing to garner momentum at the end of the trading week, despite a stellar jobs report and rising energy prices. The loonie has rebounded substantially since the market meltdown in March, driven primarily by greater confidence in global financial markets and rallying crude oil prices. Analysts are optimistic of a strong second half for the Canadian dollar, so could it happen?
The Canadian dollar is trading flat against its G10 currency rivals at the end of the holiday-shortened trading week. The loonie has been gaining against several of its counterparts over the last week, despite an influx of disappointing economic data. With energy prices firmly rebounding and the investors selling the US dollar, could the Canadian dollar have a strong second half?
The Canadian dollar is strengthening on Tuesday after the economy’s April contraction was better than what the market had initially forecast. The loonie is also finding support in housing data, as well as investors exiting its American counterpart. The Canadian dollar will finish the month higher against the greenback.
The Canadian dollar hit the pause button on its recent rally after the federal government released its gross domestic product (GDP) reading early for the first time ever. The loonie is slumping on news that economic activity suffered the biggest monthly decline in history. With falling energy prices and accommodating central bank, it could be a downward trend for the Canadian dollar in the near-term.
The Canadian dollar is slipping against its currency rivals midweek as new data is beginning to highlight how much damage the coronavirus is impacting the Great White North. Manufacturing contracted, the economy already showed signs of slowing down before the COVID-19 crisis, and producer prices slumped – this could be the start of even more negative economic readings in the weeks to come.
The Canadian dollar is weakening against many currency rivals to finish out the trading week. Following a week of modest gains, the loonie is falling on the central bank announcing an emergency cut to interest rates as the economy gets battered by coronavirus outbreak and tumbling energy prices.
The Canadian dollar is trading mixed against multiple currency rivals midweek after the central bank delivered on a cut to interest rates. The Bank of Canada (BoC) joins a growing chorus of institutions that are slashing rates this week in response to the growing concerns over the economic fallout from Covid-19. Will it be enough to fight the outbreak or will more monetary easing be necessary?
