Canadian dollar is mostly lower today, drifting a bit as Forex traders consider their next moves. Many traders are in wait and see mode, with data releases coming up and with questions about what’s next for the Bank of Canada.
Loonie is heading a bit lower against many of its major counterparts today. The currency is drifting a bit with many Forex traders waiting to see what is happening with US economic data. There are concerns that the harsh winter weather will continue to weigh on US economic data, and what happens in the United States generally impacts Canada and the loonie.
Also affecting the loonie, and resulting in a sort of rangebound drift, are questions about what’s next from the Bank of Canada. Many wonder if the BOC will have to cut rates in order to help stimulate the Canadian economy, which has been flagging, or whether there’s enough positive to keep rates steady.
Canadian dollar is getting a little help from oil prices, but it’s not much. There’s a little bit to help support the loonie somewhat, but not enough to help the currency overcome its losses.
At 14:29 GMT USD/CAD is up to 1.1101 from the open at 1.1087. EUR/CAD is down to 1.5201 from the open at 1.5231. GBP/CAD is up to 1.8484 from the open at 1.8475.
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