Canadian employment news is weighing on the loonie today, prompting it to trade mixed as it loses ground to the US dollar. Falling oil prices aren’t helping the Canadian dollar, either.
There isn’t a whole log to support the Canadian dollar today. Right now, the loonie is trading mixed, but it is lower against the US dollar. The latest employment data shows a disappointing trend in Canada. Full-time jobs have been decreasing over time, being replaced by part-time jobs.
This trend is weighing on the Canadian economy, and causing some to wonder why the loonie has been somewhat strong recently.
Also weighing on the Canadian dollar is the fact that oil prices are down again. Prices remain below the $100 a barrel level, and oil is lower today in general. As a major support of the Canadian economy and the loonie, oil is important.
With all of this, plus a bit of uncertainty favoring low-beta currencies, it’s not much of a surprise that the loonie is struggling a bit today in Forex trading.
At 13:29 GMT USD/CAD is up to 1.0934 from the open at 1.0921. GBP/CAD is also higher, moving up to 1.8351 from the open at 1.8333. EUR/CAD is lower, though, falling to 1.4607 from the open at 1.4618.
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