Loonie is retaining some of its recent strength in Forex trading, logging gains on the Burger King plan to buy Tim Hortons, as well as getting some help from expectations for positive economic data, due out tomorrow.
Canadian Dollar CAD
Central Bank: Bank of Canada
Interest Rate: 1.00%
Public Debt to GDP Ratio, 2013: 86.3%
Trade Balance, 2013: -$12.3 bln.
Inflation, 2013: 1%
Major commodity exporter
Factors of Weakness
Dependence on United States as a major counterparty
The Canadian dollar is the official currency of Canada and is the 7th most traded currency in the world. It is often nicknamed “loonie” for the image of the aquatic bird on $C1 coin. The loonie was introduced as a currency used in Canada and all of its provinces in 1871, while the fixed exchange rate was abandoned in 1970. It is used by some central banks as a reserve currency. The performance of the currency depends on raw materials. Prices for crude oil are the most influential factor on the value of Canada’s dollar as oil is the most important export of Canada.
Canadian Dollar News Archive
August 28th, 2014 at 11:21
August 25th, 2014 at 10:53
Canadian dollar is trading mixed today, seeing different results thanks to the latest news and data released around the world. With stocks looking to rise, loonie is a getting a boost against some of its counterparts.
August 18th, 2014 at 11:27
The Canadian dollar is getting a boost today, heading a little higher against some of its major counterparts, thanks to positive data recently released. Even though oil is lower today, the loonie is gaining some ground.
August 12th, 2014 at 13:33
Canadian employment news is weighing on the loonie today, prompting it to trade mixed as it loses ground to the US dollar. Falling oil prices aren’t helping the Canadian dollar, either.
August 07th, 2014 at 13:41
Canadian dollar is heading a little higher this week, gaining ground against European counterparts, thanks in large part to the latest trade surplus data. With the Canadian dollar looking for gains related to its economic recovery, and with Europe suffering from economic difficulties and geopolitical uncertainty, it’s no surprise the loonie is gaining.
August 04th, 2014 at 14:04
Canadian dollar is mostly unchanged today, making no major moves higher or lower against its major counterparts. After last month, it appears that there is some consolidation in the currency market as Forex traders consider their options and think about the most recent data.
July 31st, 2014 at 21:41
The Canadian dollar pared losses against its US peer after a report showed that Canada’s economic growth in May was faster than expected, though USD/CAD reached the highest level in more than a month earlier. The loonie gained versus the euro and was flat against the Japanese yen.
July 30th, 2014 at 15:23
The Canadian dollar dropped against its US counterpart today, reaching a lowest level in more than a month, pressured down by signs of economic growth in the United States. The currency also retreated against the euro but managed to log gains versus the Japanese yen.
July 22nd, 2014 at 13:20
Canadian dollar is hoping to hold on to some of yesterday’s gains, and with thin trading and concerns about the geopolitical situation, that’s a possibility.
July 19th, 2014 at 2:18
The Canadian dollar ended the trading week on a positive note with help of supportive macroeconomic releases from Canada, which showed that the economy performs rather well and may weather monetary tightening from the nation’s central bank.