Canadian dollar is losing ground against some of its major counterparts today, but there has been a slight shift in the long-term outlook for the loonie. Even though the Canadian dollar is lower today, there might be room for some strength in the future as the economy improves and if oil prices continue to recover.
Last week, there was a small shift in the USD/CAD, subtly favoring the Canadian dollar. Today, some of that favor is gone, with the greenback gaining against the loonie as oil prices and other commodities struggle. However, even so, there are hopes for the Canadian dollar in the future.
The Bank of Canada is more optimistic about the economy moving forward, and there are hints that there could be an interest rate hike soon. On top of that, there are concerns about the US economy, which seems to be losing some of its earlier steam. There are expectations, in the medium term, for the loonie to strengthen a little bit.
Today, though, the Canadian dollar is lower, falling as oil prices struggle and stocks move lower.
At 11:28 GMT USD/CAD is up to 1.2362 from the open at 1.2313. EUR/CAD is lower, falling to 1.3501 from the open at 1.3518. GBP/CAD is up to 1.9055 from the open at 1.9049.
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