The Canadian dollar dropped today, following the decline of crude oil. The currency was down against the US dollar and the euro, but managed to log gains versus the Japanese yen.
Futures for crude oil lost as much as 1.47 percent to $92.30 per barrel in New York today. The drop was caused by the increase of US inventories of crude and by the deal between Iran and world powers. Crude is the major export commodity of Canada, making it very important for the nation’s economy.
The loonie (as the currency is nicknamed for the image of the aquatic bird on the C$1 coin) managed to outperform the yen that was very weak against other major currencies. Still, the Canadian dollar was under pressure from concerns about Dectaper.
USD/CAD soared from 1.0539 to 1.0591 as of 23:54 GMT today, trading near the highest since July 5. EUR/CAD advanced from 1.4305 to 1.4376. CAD/JPY rose from 96.05 to 96.46.
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