The Canadian dollar demonstrated a mixed performance today, falling against its US counterpart, rising versus the Japanese yen and staying flat against the euro.
Signs of economic growth in the United States, the major Canada’s trading partner, were helping the loonie somewhat. Yet those same signs led to speculations that the Federal Reserve will scale back its stimulus and such talks are negative for the Canadian currency. The conflicting fundamentals resulted in the mixed performance of the Canadian dollar.
Yesterday, trading was not as active as usual because of holidays. Some markets were closed because of the Veterans Day in the USA and the Remembrance Day in other countries. Today the Forex market should return to norm.
USD/CAD was up from 1.0472 to 1.0481 as of 4:03 GMT today. EUR/CAD traded at 1.4043 after opening at 1.4040. CAD/JPY advanced from 94.62 to 94.95.
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