Canadian dollar has inched higher against the US dollar, gaining some ground after slipping earlier in trading. Loonie is finding some support, even after some disappointing economic news.
Earlier, Canadian dollar moved a little bit lower on reports of a decrease in foreign investment. Due to the way that Canada weathered the financial crisis and subsequent recession, many countries have been investing in the country. However, Statistics Canada reported that foreign investment for November was at its lowest point since July. The news has been somewhat disappointing, and led to some small losses.
Even with the earlier losses, though, loonie is overcoming. Those losses have been pared, and the Canadian currency is now heading a little bit higher against the US dollar. A general feeling of risk appetite is returning to the markets, and that is helping the Canadian dollar. Also helping with the fact that oil prices are on the rise again. Canadian dollar is supported quite frequently by oil prices, since oil is one of Canada’s major exports.
For now, loonie looks to be finding some success, although the current situation is volatile enough that things could change quickly.
At 14:08 GMT USD/CAD is down to 0.9853 from the open at 0.9858. GBP/CAD is down to 1.5756 from the open at 1.5783. EUR/CAD is up to 1.3141 from the open at 1.3118.
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