The Canadian dollar dropped versus its US peer, but managed to rebound on the previous trading session. The currency stayed near the opening level at today’s session. Meanwhile, the loonie remained soft against the euro and the Japanese yen.
The loonie, as the Canadian currency is nicknamed for the image of an aquatic bird on the C$1 coin, fell together with crude oil. Oil is the major Canadian export. Futures for crude declined 0.51 percent to $94.89 per barrel in New York today.
Other markets were also not supportive for the risk-related currency. The Standard & Poorâs 500 Index of stocks dropped 1 percent. The S&P GSCI Index of commodities declined 0.5 percent.
USD/CAD went up from 1.0190 to 1.0250 on yesterday’s trading session, but retreated and traded at 1.0180 as of 00:44 GMT on today’s session. EUR/CAD rose from 1.3509 to 1.3562 yesterday and remained near this level today. CAD/JPY tumbled from 96.85 to 94.19 before trading at 94.59.
If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.
Be First to Comment