The Canadian dollar started the month of March on a bullish pattern after policy makers in the country affirmed that inflation is slightly above what the Bank of Canada expected, fueling speculations that interest rates may be hiked in the country anytime soon.
The Canadian currency is going to end this week with the worst performance since the year started, as commodities and stocks declined during most of the week and today a retail sales report showed negative monthly figures, shunning investors from
The Canadian dollar ranked among the worst performers in currency markets today as risk aversion influenced commodities and equities trading, which are strongly related to the loonie’s rates as weak economic data in the country also influenced the confidence towards Canada’s currency.
Speculations that demand for commodities will continue to grow in the U.S. and globally are helping the Canadian dollar to benefit from this scenario as exportation of raw materials account for half of the country’s trading revenue.
The Canadian currency started another week strong versus several main traded currencies, specially lower yielding options, as demand for commodities continues to bring capital to Canada, the biggest oil supplier for the United States.
The Canadian dollar returned to gain today as its chief export, the crude oil, rallied as demand for energy increases, favoring currencies with a similar profile in
The Canadian dollar continued to advance today versus its U.S. counterpart as demand for commodities are still on the rise, favoring the loonie which is one of the currencies with the highest correlation with commodities charts, specially the crude oil, one of Canada’s chief exports.
The Canadian currency rebounded in the end of 2009 despite the nation’s central bank statements that a strong currency can be an obstacle for exporters and consequently to the economic recover, as global demand for commodities rose more than speculations regarding Canada’s central bank position towards loonie.
The Canadian dollar advanced for a third day in a row after favorable reports showed improving economic conditions in the North American nation, suggesting that interest rates in the country may be hiked sooner than expected.
The Canadian currency, which started the week rallying majorly versus its U.S. counterpart, was one of the worst performers today as commodities and stocks faltered, influencing negatively the outlook for the loonie and other currencies from commodity exporter nations.
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