Canadian dollar is trading mixed today, thanks to the latest comments from central bankers. Information from the Federal Reserve, as well as testimony from the Bank of Canada’s Stephen Poloz, are contributing to the loonie’s losses to the US dollar.
The Canadian dollar is moving lower today against the US dollar, but still has the upper hand against the euro. Loonie is heading lower against the greenback after the release of a statement from the Federal Reserve ending its asset purchase program. This is as expected, and now the speculation about when interest rates will rise begins in earnest.
Stephen Poloz, from the Bank of Canada, is also having an impact. His testimony before the Senate banking committee wasn’t particularly upbeat, and that is impacting the loonie’s performance against the greenback. Poloz remarked on falling oil prices, and said that he thought that they could affect Canada’s GDP in 2015.
The greenback’s gains continue to underscore the policy divergence between Canada and the United States. The BOC still plans to keep rates low, and the Fed is showing signs moving past that.
At 10:25 GMT USD/CAD is up to 1.1194 from the open at 1.1183. EUR/CAD is lower, falling to 1.4095 from the open at 1.4126. GBP/CAD is higher, moving up to 1.7913 from the open at 1.7906.
If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.