The Canadian dollar rallied today, rising for the second day against the US dollar and the Japanese yen, thanks to the jump of crude oil prices and encouraging domestic macroeconomic reports.
Canada’s gross domestic product was unchanged in October after falling 0.5 percent in September. Retail sales edged up 0.1 percent in October following the 0.4 percent drop in the prior month.
Meanwhile, prices for crude oil jumped more than 4 percent during Wednesday’s trading. Lately, the Canadian dollar was demonstrating close correlation to oil prices. Unfortunately to the currency, crude has been moving down since mid-2014. As a result, the loonie is heading to the worst year since the financial crisis of 2008.
USD/CAD dropped from 1.3919 to 1.3843 as of 22:04 GMT today. EUR/CAD declined from 1.5249 to 1.5092. CAD/JPY ticked up from 86.93 to 87.23.
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