Canadian dollar continues to rally today, heading higher against its major counterparts. Even with slightly lower oil prices, the loonie is heading higher, continuing its rally from last week.
Canadian Dollar CAD
Central Bank: Bank of Canada
Interest Rate: 0.75%
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
April 27th, 2015 at 10:35
April 21st, 2015 at 16:49
The Canadian dollar dropped today as fundamentals were unfavorable to the currency. Among the negative factors were domestic macroeconomic data, the general market sentiment and the drop of crude oil.
April 17th, 2015 at 19:31
The Canadian dollar rallied earlier during the current trading session, hitting the two-year high versus the euro, with the help of favorable economic data from Canada. Yet the loonie was unable to keep gains and is now trading far below the opening level against other majors.
April 16th, 2015 at 22:43
The Canadian dollar rose today, climbing to the highest level in almost three months against its US counterpart and the Japanese yen, as poor economic data from the United States and the rally of crude oil prices played in favor of commodity currencies.
April 15th, 2015 at 16:26
The Canadian dollar gained today, reaching the highest level since May 2013 against the euro, after the Bank of Canada refrained from changing its monetary policy. The rally of crude oil prices added fuel to the loonie’s upward movement.
April 10th, 2015 at 22:36
The Canadian dollar managed to erase losses against its US counterpart by the end of the Friday’s trading session with the help of positive domestic data. The currency even gained against the euro, reaching the highest rate since May 2013. The loonie also reduced losses versus the Japanese yen but was unable to erase them completely.
April 09th, 2015 at 12:19
Canadian dollar is a little bit higher today, thanks in part to oil prices. Crude oil is on the rise again, and yesterday’s announcement of the merger between Shell and BG Group is having its effect as well.
April 07th, 2015 at 11:23
Canadian dollar ended higher yesterday, and appears ready to continue logging gains against its major counterparts today. Loonie is mostly higher right now, although commodity market struggles could change the outcome later.
April 02nd, 2015 at 22:19
As most other currencies, the Canadian dollar gained on the US dollar today. The loonie also rallied versus the Japanese yen but was unable to beat the extremely powerful euro.
March 31st, 2015 at 20:28
Canada’s economy shrank at the start of the current year as was demonstrated by today’s report from Statistics Canada. Yet in a surprising display of resilience the Canadian currency jumped after the report instead of falling.