The Canadian dollar fell against some of its major peers, including the US dollar and the euro, today together with falling prices for crude oil, the major Canada’s export commodity. Losses were limited because of some good news for the currency.
Crude dropped as much as 2.9 percent to $86.73 per barrel in New York today. Canadian wholesale sales declined 1.4 percent to $48.8 billion in September instead of rising 0.5 percent as was predicted by analysts. Moreover, the August’s increase was revised downwardly from 0.5 percent to 0.3 percent.
The loonie was supported by the speculations that the International Monetary Fund is considering to classify CAD as a reserve currency. The Canadian currency was particularly strong against the yen, which was soft after the earlier rally.
USD/CAD was up from 0.9961 to 0.9970 as of 21:38 GMT today, following the rally to 0.9989. EUR/CAD advanced from 1.2763 to 1.2780 after it fell earlier to 1.2721. At the same time, CAD/JPY edged higher from 81.68 to 81.88 and its daily maximum of 81.97 was the highest price since April 27.
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