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 US dollar is trading slightly lower against a myriad of G10 currency rivals on Thursday after the US government reported that the number of Americans filing for first-time unemployment benefits beat market forecasts. The greenback has been struggling in recent sessions as investors become more confident in the broader financial market and pour into riskier bets, despite the resurgence of confirmed coronavirus cases in the background.
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 US dollar is stalling against many of its G10 currency rivals on Thursday after a strong and better-than-expected June jobs report. The stellar labor reading sparked a rally in the stock market, raising the risk tolerance of traders in equities. After the last couple of weeks of investors being spooked by a resurgence in coronavirus cases, the millions of new jobs suspended these fears for now.
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 US dollar is failing to muster up any momentum to kick off the trading week after experiencing a brief resurgence in recent sessions. The greenback is being weighed down by optimism that the latest surge in coronavirus cases could be easing and strengthening real estate data.
The US dollar is seesawing against many of its G10 currency counterparts on Thursday after the US government reported a worse-than-expected jobs report. Financial markets are also combing through the latest gross domestic product (GDP) figures for the first quarter. The latest developments could potentially force traders back into the greenback after two months of returning to stocks.
The Canadian dollar is trading mixed on Tuesday after the central bank warned that the economy faces a “prolonged and bumpy” recovery that might require additional fiscal and monetary stimulus tools. The loonie is finding support in rallying crude oil prices that have enjoyed multi-month highs after sliding below zero in April.
The US dollar is weakening to start the trading week as the global currency crunch appears to have subsided. Housing data was also released on Monday, creating concern that the real estate market may not fully recover in the aftermath of the coronavirus pandemic. Is the greenback set for a bear market in the second half of 2020?
The Canadian dollar is trading relatively flat against many of its currency competitors to finish the trading week. The latest economic data showed just how severe the coronavirus pandemic lockdown was to the Great White North, but the increase in crude oil prices helped limit any of the loonie’s losses.
