The Canadian dollar is trading lower midweek as the head of the US central bank wrapped up his semi-annual testimony on Capitol Hill on Wednesday and investors eye the latest US economic data. Analysts warn that the loonie is not expected to record any significant movement in the coming weeks until trade negotiations between Washington and Ottawa are completed.
The Canadian dollar posted mild gains against its American counterpart on Monday as the loonie climbed above 76 cents for the first time in a week. While the loonie will try to find direction from the US dollar, investors will also concentrate on several key economic events this week.
The Canadian dollar today appreciated against its American counterpart after the Bank of Canada‘s interest rate decision, which was widely anticipated. The loonie’s rally served to drive the USD/CAD currency pair to fresh 2-day lows even as the BoC hinted at a hawkish stance on future monetary policy decisions.
The USD/CAD currency pair today headed lower as the Canadian dollar gained against its US counterpart following disappointing jobs reports from both countries. The pair’s decline was further accelerated by the selling pressure on the US dollar following the high US unemployment rate reported.
The Canadian dollar ended Friday’s trading extremely strong thanks to the positive domestic macroeconomic data, rising crude oil prices, and the general positive market sentiment.
The Canadian dollar fell against major currencies today, joining other commodity currencies in decline. The main theme on Monday was the escalating threat of trade wars between world’s major economies.
The Canadian dollar ended the week soft, mainly due to risk aversion caused by the threat of trade wars. Underwhelming domestic macroeconomic data hurt the Canadian currency for a short while, but it recovered quickly.
The Canadian dollar today dropped drastically against the US dollar following the release of the latest Canadian Consumer Price Index data, which missed expectations by a huge margin. The loonie’s massive drop drove the USD/CAD currency pair to new 2018 highs as it was further accelerated by the weak Canadian retail sales data also released today.
The Canadian dollar fell against other most-traded currencies today, though managed to recover versus the US dollar by now. The currency was under pressure from a range of negative factors, including falling prices for crude oil, trade tensions with the United States, and underwhelming domestic macroeconomic data.
The Canadian dollar today dropped significantly against the US dollar as the risk-off sentiment in the markets drove the USD/CAD currency pair to new highs. The loonie’s slide against the greenback was further accelerated by the tariffs imposed by President Donald Trump‘s administration against Canadian imports.
