Canadian dollar is trading choppily today, moving between gains and losses as investors look for direction. US stock futures are lower, and that is weighing on high beta currencies, but at the same time commodities are higher providing support. Loonie is lower right now, but trying to fight back toward its earlier high.
At one point, Canadian dollar had enough juice to bring USD/CAD down to 0.9898. However, the greenback is moving higher, albeit struggling while making that move. USD/CAD is now above 0.9900 and struggling to retain those gains.
In the meantime, investors and Forex traders are looking for economic data, and clues about where the markets may head next. A risk rally toward the end of last week, spurred on by news out of Europe about ECB moves to help stabilize the region, as well as good news about US jobless claims falling, appears to be subsiding.
Instead, high beta currencies like the Canadian dollar are falling a little as Forex traders re-evaluate. Loonie is hanging in there to some degree, though, and trying to close the gap. Oil prices are higher, and offering a measure of support to the Canadian dollar, which is a commodity currency linked to oil.
At 13:13 GMT USD/CAD is higher at 0.9916, up from the open at 0.9913. GBP/CAD is up to 1.5739 from the open at 1.5713.
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