The Canadian dollar, as it often happens, followed moves of crude oil prices during Monday. This resulted in losses initially but a bounce closer to the end of the trading session.
Prices for crude oil have been falling during the first half of the Monday’s session, dragging the loonie down along with them. Yet crude soared more than 8 percent later, rescuing the currency. The Canadian dollar strongly linked to the performance of oil as the commodity is the major source of export revenue for Canada.
Aside from crude oil, there will be plenty of factors to influence the loonie this week, including economic reports from Canada. Among most important of them will be GDP, trade balance and employment data.
USD/CAD traded at 1.3138 as of 22:40 GMT today after opening at 1.3209 and touching the daily high of 1.3326. EUR/CAD went from 1.4754 down to 1.4737, retreating from the session maximum of 1.4974. CAD/JPY opened at 91.98 and slid to 90.84 before bouncing to 92.22.
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