Canadian Dollar Reaches Record High vs. Euro
The Canadian dollar erased its yesterday’s gains versus the US dollar today and stayed near the record high against the euro as prices for crude oil rose and fundamental data from Canada was positive. The currency was weaker against the Japanese yen that strengthened on the risk aversion sentiment.
Crude oil climbed today as the United States threatened to initiate new sanctions against Iran and prosecute companies that helped the Middle Eastern country to export oil despite the embargo. The New Housing Price Index rose 0.3 percent in May, following the 0.2 percent increase in April. The rate of growth was expected to stay at the April level.
The loonie (as the Canadian currency is called because of the image of the aquatic bird on C$1 coin) may still weaken as the environment on the Forex market was not supportive for currencies linked to economic growth. Europe remains a sore spot of the global economy and now China gives investors concerns. Yet the Canadian economy looks better than most economies of developed nations and the loonie should fare better than other risky currencies.
USD/CAD traded at about 1.0190 as of 2:42 GMT today after climbing to 1.0249 yesterday. EUR/CAD was near 1.2431, following yesterday’s drop to the all-time low of 1.2416. CAD/JPY declined from 78.20 to 77.76 on the previous trading session and was at 77.82 on today’s session.
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Earlier News About the Canadian Dollar:
- Canadian Dollar Drops on Falling Prices for Crude & Corporate Earnings (2012-07-10)
- Canadian Dollar Suffers from Risk Aversion on FX Market (2012-07-06)
- EUR/CAD Drops to Two-Year Low (2012-07-05)
- Canadian Dollar Jumps to Two-Year High vs. Euro (2012-07-04)
- Canadian Dollar Gets Boost in Forex Trading (2012-07-03)