The Canadian dollar did not manage to maintain its early climbs falling again versus its U.S. counterpart as the price of crude oil confused investors regarding demand for the commodity.
Since last week, the Canadian currency has been unable to resist speculators pressure on the outlook for the loonie, as commodities and stocks also underperformed globally, decreasing attractiveness for assets in Canada, as the country’s growth relies significantly on its main trading partner demand, the U.S., nation which still did not find a way out of the current recession.
USD/CAD traded at 1.1020 as of 22:23 GMT from a previous rate of 1.1045.
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