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?
The Canadian dollar is trading mixed against multiple currency rivals to kick off the trading week, despite bullish housing and jobs data that should have buoyed the loonie. The paucity of momentum will be more pronounced as the Canadian dollar may trade sideways ahead of the central bank’s policy announcement later this week. Will the currency reverse its downward trend?
The Canadian dollar is weakening against most major currency rivals to finish the trading week, despite the national economy beating market forecasts in November. The loonie’s fall is being mostly driven by a drop in energy prices caused by demand concerns amid the Wuhan coronavirus. The nation’s fiscal picture and inflation also rose more than what the market had projected.
The Canadian dollar is weakening against most major currency competitors to close out the trading week. Despite retail sales coming in stronger than expected and inflation matching market expectations, the loonie’s decline could still be driven by the central bank leaving interest rates unchanged. Is the market signaling that a rate cut is needed to resuscitate economic growth?
The Canadian dollar is trading a bit lower against multiple currency competitors to start the trading week, driven by a recent string of disappointing economic numbers, including a surprising economic contraction in October. The loonie has still been one of the best-performing currencies among G20 nations, but anemic growth could affect its performance heading into 2020.
The Canadian dollar strengthened to a six-week high on Tuesday, driven by a rally in crude oil prices and strong housing data. The Canadian economy, which has been anemic for much of 2019, has enjoyed a string of positive economic reports lately, impressing investors at a time of global volatility. This is good news for the incumbent government with an election about a month away.
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.
