After a bit of a rally, the Canadian dollar is struggling again. Even upbeat comments from the Bank of Canada can’t help the loonie overcome some of the realities of the current situation.
Yesterday, the Canadian dollar fell against the US dollar as the loonie’s rally came to an end. The Canadian dollar has been showing some strength recently, but it is often short-lived and overcome by other news.
Loonie is down against its major counterparts today as oil prices continue to struggle. While oil is slightly higher today, it is lower than it was a few days ago, and still struggling to reach the $60 a barrel mark.
Stephen Poloz, the Governor of the Bank of Canada, has been upbeat about the economy, and that is helping the loonie to some degree, but it is insufficient in the face of other concerns. For now, the Canadian dollar is likely to struggle a bit — even against the euro, which is facing difficulty related to the sovereign debt crisis.
At 10:49GMT Canadian dollar is down across the board against its major counterparts. USD/CAD is moving higher, gaining to 1.2446 from the open at 1.2434. EUR/CAD is also higher, heading up to 1.3573 from the open at 1.3520. GBP/CAD is moving up to 1.9174 from the open at 1.9131.
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