Canadian dollar is mixed today in the wake of the Greek debt deal. Instead of heading higher against the US dollar on risk appetite, though, the loonie has been stilted today. Mixed economic data in Canada is contributing to the mixed Forex performance of the loonie.
The Greek debt deal has helped the euro gain some traction in the currency markets, even though there are still some concerns about what’s next. However, the Canadian dollar isn’t getting much help from a slight increase in risk appetite.
Instead, focus has been on the disappointing retail sales data from December. Canadian retail sales fell 0.2% instead of the expected 0.1%. However, wholesale numbers were better than expected, and that has been limiting loonie’s losses.
Some are surprised that the Canadian dollar isn’t responding better to higher commodity prices, especially the higher oil prices. Oil is surging today, and normally that would be a positive for the Canadian dollar. However, there are enough doubts to hold loonie back a little bit against the US dollar. Loonie is gaining against a struggling pound, however.
At 14:30 GMT USD/CAD is slightly higher at 0.9949, up from the open at 0.9945. EUR/CAD is higher at 1.3185, up from the open at 1.3148. GBP/CAD is down to 1.5716 from the open at 1.5741.
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