Today, the Canadian dollar fared better than yesterday, rising against the euro and paring initial losses versus the US dollar and the Japanese yen. Economic data released from Canada over Friday was mixed, giving the currency no particular edge.
Canadian Dollar CAD
Central Bank: Bank of Canada
Interest Rate: 0.50%
Public Debt to GDP Ratio, 2014: 92.6%
Trade Balance, 2014: $17 bln.
Inflation, 2014: 2%
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
November 20th, 2015 at 14:19
November 19th, 2015 at 21:06
The Canadian dollar was attempting to rise against its US peer today but has almost erased its gains by now. The currency fell against its other major rivals, including the euro and the Japanese yen.
November 18th, 2015 at 18:39
The Canadian dollar fell today against its major peers as the drop of crude oil prices continues to weigh on the currency. Additionally, traders were unwilling to buy risky currencies tied to economic growth ahead of the release of Federal Reserve policy meeting minutes.
November 13th, 2015 at 20:07
The Canadian dollar was mixed today, falling against the US dollar, rising versus the euro and staying flat against the Japanese yen.
November 11th, 2015 at 19:48
The Canadian dollar was little changed during Wednesday’s quiet trading. Markets in several countries, including Canada and the United States, are closed today due to holidays.
November 10th, 2015 at 13:19
Canadian dollar is regaining some of the ground it lost yesterday. Thanks to slightly higher oil prices and some profit taking, the loonie is higher against its major counterparts.
November 06th, 2015 at 17:24
The Canadian dollar fell more than 1 percent against the US dollar after the release of US employment data. The loonie performed better against its other most-traded peers as the employment report from Canada itself was also good.
November 05th, 2015 at 15:14
Canadian dollar has been struggling recently in Forex trading, and the latest forecast from Scotiabank isn’t helping matters. With predictions for a weak loonie through 2017, the currency is once again heading lower.
November 02nd, 2015 at 15:50
Canadian dollar is falling today after a relatively successful run last week. With the oil boom over for Canada, though, there is a lot of money flowing out of the country and the loonie is dropping as a result.
October 29th, 2015 at 22:48
The Canadian dollar gained against the US dollar and the Japanese yen, though it was unable to beat the euro. Analysts say that crude oil prices helped the currency yet again.