Canadian Dollar Continues to Log Gains

Canadian dollar ended higher yesterday, and appears ready to continue logging gains against its major counterparts today. Loonie is mostly higher right now, although commodity market struggles could change the outcome later.

Loonie is higher against its major counterparts today, thanks in part to yesterday’s good fortune. Commodity prices have been higher recently, and that has helped mining and energy stocks on the Toronto Stock Exchange. Higher stocks, in turn, have supported the loonie.

Also helping the Canadian dollar is the speculation that maybe the Federal Reserve won’t be in such a hurry to raise US interest rates after all. Data released at the end of last week indicates that maybe a rate hike isn’t in order quite yet, and that has weighed the greenback down against the loonie.

Things might change for Canadian dollar, though. Commodities are once again struggling today, and oil prices are lower. Even though the loonie is mostly higher against its counterparts, there is a chance that it  could lose ground as oil continues to struggle. Oil is a major part of the Canadian economy and one of the main supports for the loonie.

At 11:20 GMT USD/CAD is down to 1.2473 from the open at 1.2482. EUR/CAD is down to 1.3548 from the open at 1.3635. GBP/CAD is holding steady at the opening level of 1.8571.

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

Leave a Reply

Your email address will not be published. Required fields are marked *