The Canadian dollar rallied today, but was smashed after the European Central Bank
FX market participants hoped that the ECB would show a willingness to provide more support for the European Union economy. Europe’s central bank indeed take some steps in that direction, lowering the main interest rate by 25 basis points to 1.00 percent and saying that it’s going “to adopt further
The disappointment translated to the markets and most commodities slumped. That was bad for Canada as it has a
USD/CAD rose from 1.0095 to 1.0225 today as of 23:50 GMT, following the earlier drop to 1.0051 — the lowest price since November 01. EUR/CAD jumped from 1.3538 to 1.3643 after falling to 1.3476 — the lowest level since September 19. CAD/JPY slumped from 76.88 to 75.92.
If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.