The Canadian dollar has been struggling recently, but seems to be enjoying something of a breather right now. The loonie is a little bit higher against the US dollar, thanks in part to slightly higher oil prices today, as well as some profit taking.
Recent losses to oil have impacted the Canadian dollar quite a bit. The Canadian economy relies heavily on oil, and when oil prices drop, the loonie tends to follow suit. The recent plunge in oil prices, with oil falling well below $70 a barrel and OPEC nations unwilling to do much to shore up the price, has been weighing on the loonie for weeks.
Today, though, the Canadian dollar seems to be taking a breather. Loonie is higher against the greenback today, thanks in part to slightly higher oil prices. Also helping is likely profit taking and a certain degree of consolidation ahead of the next Bank of Canada meeting. Loonie is also higher against the euro, which is suffering under expectations that the ECB will announce more easing measures tomorrow.
At 11:34 GMT USD/CAD is lower, dropping to 1.1391 from the open at 1.1395. EUR/CAD is also lower, falling to 1.4047 from the open at 1.4108. GBP/CAD is higher, moving up to 1.7841 from the open at 1.7821.
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