The Canadian dollar traded near its opening level versus the US currency after it earlier rallied on the gains of the commodity prices and the record prices for crude oil. The loonie slipped against other currencies as the Canadian house prices declined and the US consumer confidence worsened.
February delivery for crude oil declined 0.4 percent to $91.14 per barrel in New York, while it traded at $91.88 on December 27th, the highest level since October 7th, 2008. March futures for copper delivery traded at $4.315 per pound after it reached yesterday the highest level in all times of $4.335 per pound. The Thomson Reuters /Jefferies CRB Index of raw materials was near its highest level since October 2nd, 2008.
The Canadian currency was weakened as the Canadian house prices fell 0.4 percent in October after the prices slid 1.1 percent in September. The drop of consumer sentiment in the US, the largest trading partner of Canada, from 54.3 to 52.5 in December was also negative for the loonie.
USD/CAD traded near the opening level of 1.0008 as of 22:04 GMT today. EUR/CAD surged from 1.3125 to 1.3230, following the decline to 1.3086.
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