Canadian dollar is once against struggling overall against its major counterparts. While the loonie is managing gains against the greenback right now, it is having a more difficult time against other major currencies.
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
July 27th, 2015 at 13:17
July 24th, 2015 at 20:02
The Canadian dollar dropped today, tracking decline of crude oil. Signs of slowdown in economies around the world were hurting currencies, especially those tied to growth. Yet the loonie is attempting to bounce right now, and it looks like the currency may pare most of its losses by the end of Friday’s trading.
July 22nd, 2015 at 19:10
The Canadian dollar dropped today, reaching the lowest level since March 2009 against the US dollar, as crude oil prices resumed decline, joining other commodities in free fall.
July 21st, 2015 at 19:09
The Canadian dollar gained on its US peer today as crude oil prices steadied, helping the loonie to halt its decline. The Canadian currency did not fare as well against other major rivals, being flat against the Japanese yen and sinking versus the euro.
July 20th, 2015 at 14:19
Canadian dollar is struggling again today, thanks in large part to continued concern over last week’s surprise rate cut and due to falling oil prices.
July 19th, 2015 at 0:34
The Canadian currency had a pretty rough week, falling against most of its major peers. And yet it was not the weakest currency during the past week as it was still able to gain on the euro and the New Zealand dollar.
July 17th, 2015 at 23:02
The Canadian dollar fell a bit against the US dollar and the Japanese yen but rallied versus the euro during the Friday’s trading session. Macroeconomic data released from Canada today was largely positive for the currency.
July 16th, 2015 at 23:03
The Canadian dollar continued to move down against its US counterpart following yesterday’s big slump. The currency held steady against the Japanese yen and even managed to gain on the euro.
July 15th, 2015 at 17:11
The Bank of Canada surprised the market by cutting interest rates today. The Canadian dollar tumbled, falling more than 1 percent, as a result. The drop was especially big against the US dollar as the Canadian currency reached the lowest level since March 2009.
July 14th, 2015 at 22:02
The Canadian dollar sank during Tuesday’s trading but bounced to trade basically flat against its major peers. The moves of the currency followed the moves of crude oil prices after the Iranian nuclear deal was announced.