The loonie posted the first losses against its U.S. counterpart as stock fell today and the crude oil barrel declined, affecting directly the Canadian dollar outlook.
The Canadian currency has been gaining heavily versus its U.S. counterpart as risk appetite pushed stocks and commodities up, favoring the loonie’s outlook. Today, for the first time in three days, the Canadian dollar slid as the crude oil price in New York declined and stocks interrupted a rally that has started last week. The Canadian dollar is highly dependent on crude oil rates, since it is one of the main Canadian exports to the U.S., consequently, the loonie’s trend movements can be often associated with the oil prices.
USD/CAD traded at 1.1062 as of 20:49 GMT, after bottoming at 1.0978 hours earlier.
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