CAD Reverses Losses vs. USD & JPY, Erases Gains vs. EUR
The Canadian dollar was falling today against the US dollar and the Japanese yen, but pared losses and is hovering near the opening level right now. On the other hand, the currency erased its gains versus the euro.
Macroeconomic data from both the United States and Europe was bad today, driving the Forex market into the risk-aversion mode. Not everything was bad for the loonie though. Crude oil, Canada’s biggest export, jumped as much as 2.1 percent to $91.06 per barrel in New York.
The movement of the Canadian currency reflected the mixed influence of fundamental factors. It was falling for the most part of the trading session, but managed to recover. Yet the euro also rebounded, outperforming the loonie.
USD/CAD was at 1.0253 as of 19:45 GMT today after rising from 1.0254 to 1.0277. CAD/JPY traded at 97.04 following the drop from 96.96 to 96.56. Meanwhile, EUR/CAD went up from 1.3329 to 1.3348, erasing the decline to 1.3293.
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Earlier News About the Canadian Dollar:
- Canadian Dollar Attempts to Rally, Fails (2013-04-23)
- CAD Closes Flat vs. USD & EUR, Stronger vs. JPY (2013-04-20)
- Loonie Gains Support against Greenback on Recovering Commodities (2013-04-18)
- Loonie Loses Strength as Growth Projections Lowered (2013-04-17)
- Loonie Tumbles along with Commodities (2013-04-15)