CAD Lower vs. USD & EUR as Oil Falls, Higher vs. JPY

The Canadian dollar fell today against its US peer and the euro as crude oil prices went down. At the same time, the currency managed to rise against the Japanese yen on speculations that Canadian economic growth accelerated May.

Futures for crude oil fell 0.28 percent to $104.26 per barrel today. Crude is Canada’s biggest export and its decline hurts the Canadian currency. Still, the negative impact is not that big as long as the commodity trades above the $100 per barrel level.

Canada’s economy grew 0.1 percent in April. Analysts estimated ahead of today’s official report that economic growth accelerated to 0.2 percent in May. Such estimates contrast to the expected slowdown of US growth, giving the loonie an edge over the greenback (even though the Canadian currency lost to the US one today).

USD/CAD went up from 1.0263 to 1.0275 as of 4:12 GMT today. EUR/CAD advanced from 1.3610 to 1.3620 after falling to 1.3598. Meanwhile, CAD/JPY rallied from 95.38 to 95.71.

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