Canadian dollar is heading a little higher today, struggling to regain some lost ground after hitting lows not seen since 2004. Loonie is a little higher today against most of its major counterparts, and hoping to eke out more gains. However, with global uncertainty weighing on high beta currencies, and with oil prices remaining low, there isn’t a lot of support for the Canadian dollar.
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
August 26th, 2015 at 13:40
August 24th, 2015 at 14:21
Global stock market jitters aren’t helping the Canadian dollar today. Loonie is weakening against its major counterparts as stocks fall around the world and as oil prices continue to drop.
August 20th, 2015 at 2:48
The Canadian dollar sank yesterday and retained its weakness today as falling crude oil prices dragged the currency down along with them. The drop of the US dollar could have helped the loonie, but in practice it had a minimal impact if any at all.
August 19th, 2015 at 13:04
Canadian dollar remains lukewarm in Forex trading against its major counterparts today. There isn’t a whole lot to either push the loonie forward or drag it back, and it is mostly rangebound today.
August 17th, 2015 at 15:21
Canadian dollar continues to struggle, especially against the US dollar, thanks to falling stock prices and weak oil prices. There isn’t much to support the loonie, which only seems to be finding success against a weak euro.
August 10th, 2015 at 14:28
Oil prices are inching higher today, but they are still below $45 a barrel. Canadian dollar is mostly steady against its major counterparts. While the loonie is mostly lower, it isn’t making any big moves today.
July 31st, 2015 at 16:22
The Canadian dollar was extremely weak today, falling even against the soft US dollar. The Canadian currency was dragged down by the slump of crude oil prices and the unexpected decline of Canada’s economy.
July 29th, 2015 at 21:04
The Canadian dollar gained against the euro and the Australian dollar today after a report showed that US inventories of crude oil shrank unexpectedly last week. The currency had also rallied against the US dollar but has lost its gains after the Federal Reserve concluded its policy meeting.
July 27th, 2015 at 13:17
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.
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.