The Canadian dollar declined today versus its US counterpart as crude oil prices dropped and the reports from the US showed some poor macroeconomic data after it rallied with stronger stocks and rising copper prices.
March delivery for crude oil, the main Canadian export dropped 1.9 percent to $85.68 per barrel on the New York Mercantile Exchange. That was the lowest level in eight weeks. The bad reports about durable goods orders and the initial jobless claims in the US, the main trading partner of Canada, also contributed to the loonie’s weakness.
The Canadian currency rallied earlier as the stocks advanced and the prices for copper went up. The Standard & Poorâs 500 Index and the MSCI World Index rose 0.2 percent each. March futures for copper delivery jumped as much as 1.7 percent to $4.343 per pound on COMEX.
USD/CAD rose today from 0.9937 to 0.9948 as of 23:57 GMT today after it dropped earlier to 0.9925. EUR/CAD advanced from 1.3628 to 1.3650, following the decline to 1.3592.
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