Canadian dollar continues to struggle, especially against the US dollar, thanks to falling stock prices and weak oil prices. There isn’t much to support the loonie, which only seems to be finding success against a weak euro.
Loonie is mostly lower today, falling against most of its major counterparts. The Canadian dollar is higher against the euro, but it is lower against the pound, dollar and yen.
One of the biggest drags on the Canadian dollar is the fact that oil prices continue to fall. Oil can’t seem to regain the ground it has lost recently, and Canada relies heavily on oil for economic support. Concerns that the Bank of Canada might cut rates again are weighing on the loonie as oil prices continue to struggle. Lower stock prices in North America aren’t helping the Canadian dollar, either.
For now, there isn’t a whole lot to support the loonie against counterparts other than the euro.
At 15:17 GMT crude oil is down to 42.16 from the open at 42.47. USD/CAD is higher, moving up to 1.3115 from the open at 1.3093. GBP/CAD is up to 2.0478 from the open at 2.0491. EUR/CAD is lower, dropping to 1.4538 from the open at 134557, CAD/JPY is down to 94.8120 from the open at 94.9500.
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