The Canadian dollar dropped today as fundamentals were unfavorable to the currency. Among the negative factors were domestic macroeconomic data, the general market sentiment and the drop of crude oil.
Canadian wholesale sales fell 0.4 percent in February even though experts have promised a 0.2 percent increase. It was the second month of decline after the big drop by 2.9 percent in January.
The general market sentiment was also negative for the loonie as concerns about Greece made investors prefer safer currencies. The Canadian dollar, being strongly tied to performance of commodities (and crude oil in particular), is not one of them.
Talking about oil, futures for the West Texas Intermediate grade of crude dropped 0.16 percent to $56.29 per barrel in New York today. It was yet another unfavorable event for the Canadian currency.
USD/CAD went up from 1.2225 to 1.2276 as of 16:47 GMT today. EUR/CAD advanced from 1.3134 to 1.3203 after falling to the minimum of 1.3057 earlier. CAD/JPY attempted to rally from 97.40 to 97.74 but retreated to trade at about 97.35 as of now.
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