The Canadian dollar ended Friday with big losses after the domestic employment report disappointed Forex traders, while the US employment data added to the woes, driving most major currencies down against the US dollar.
Canadian Dollar CAD
Central Bank: Bank of Canada
Interest Rate: 1.00%
Public Debt to GDP Ratio, 2012: 85.4%
Trade Balance, 2012: -$12 bln.
Inflation, 2012: 1.5%
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
March 08th, 2014 at 4:27
March 06th, 2014 at 19:01
The Canadian dollar advanced today with help of domestic economic reports that suggested that Canada’s growth gains momentum, adding to signs of improvement in the global economy. As most other currencies, the loonie lost to the euro, which was the top performer on the Forex market today.
March 05th, 2014 at 15:11
Loonie is getting a boost today, thanks in large part to the fact that the world appears to be calming down and risk appetite is returning. Thanks to expected improvements to the Canadian economy, and to an improving situation around the world, the Canadian dollar is heading mostly higher today.
February 28th, 2014 at 23:35
The report about Canada’s economic growth was mixed and did not provide a clear picture of the nation’s economic health. As a result, the Canadian dollar rose against its US peer, fell versus the euro and was little changed against the Japanese yen.
February 26th, 2014 at 14:26
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.
February 24th, 2014 at 15:51
Canadian dollar is heading higher against its major counterparts today, following the latest inflation report. Even though there are some concerns about the most recent retail sales data, and it doesn’t appear that rates will rise anytime soon, the latest data indicates that things are likely to remain steady, and the loonie is gaining as a result.
February 21st, 2014 at 15:18
Macroeconomic data from Canada was mixed today as the inflation report surprised positively, but retail sales data frustrated traders. As a result, the Canadian dollar fell versus its US peer and the euro, but rose a little against the Japanese yen.
February 20th, 2014 at 14:07
Canadian dollar was higher in earlier trading, but has now pulled back. Thanks to concerns about lower commodities and the fact that disappointing data out of China is weighing on sentiment and high beta currencies, the loonie is now losing ground in some cases, particularly against the greenback.
February 12th, 2014 at 12:20
It’s been an interesting few days for the loonie, and today the Canadian currency is mixed on the Forex market. However, even with the mixed performance, the Canadian dollar is mostly higher against its major counterparts.
February 08th, 2014 at 2:51
Canadian employment data was very good, better even than optimistic forecasts. It allowed that Canadian dollar to gain on its US counterpart and the Japanese yen, but the loonie was not able to outperform the euro.