Canadian dollar is mixed on the Forex market today as traders look for direction. On the one hand, there is a little optimism that is helping the loonie gain, especially against the US dollar. However, there are also downward pressures on the Canadian dollar.
Indeed, growth has been slowing in Canada, and some of the recent economic news coming out of the country has been a bit disappointing. Additionally, oil prices are lower today, and that is weighing on the Canadian dollar, which relies heavily on oil for support.
However, there is a bit of risk appetite on the Forex market right now, thanks to the situation in the United States, as well as the hopes that something will come out of meetings in the eurozone. (Those hopes are tempered, however, by the fact that no major announcements were made after a day’s worth of meeting between Angela Merkel and Nicolas Sarkozy.)
For now, the loonie is likely to remain mixed. Forex traders are looking for direction in the markets, and the Canadian dollar is looking for a little more direction as well.
At 15:06 GMT USD/CAD is lower at 1.0275, down from the open at 1.0280. GBP/CAD is higher at 1.5865, up from the open at 1.5856. EUR/CAD is higher at 1.3082, up from the open at 1.3054.
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