The Canadian dollar fell today somewhat following the yesterday’s rise on the surging oil prices, declining supplies in the US and the interest rates decision by the Bank of Canada.

The Canadian dollar strengthened as crude oil, key export of Canada, posted the biggest weekly gain since 2009 and as recovering Canada’s economy fueled the speculations about the interest rates hike by the Canadian central bank.

The Canadian dollar weakened against its US counterpart today after crude oil declined, but the speculation that Canada’s central bank will raise the interest rates before the European Central Bank allowed the Canadian currency to erase the losses versus the euro.

The Canadian dollar declined as the prices for the crude oil slipped after the concerns about the impact of the tension in Egypt on the supplies receded, but the fundamentals look very supportive for the Canadian currency.

The loonie fell against both the US dollar and the single European currency as the commodities dropped rapidly today.

The Bank of Canada left the overnight interest unchanged and stated its opinion on the possibility of future rate hikes, sending the Canadian dollar straight south against all other major currencies today.

The Canadian dollar soared today after the report showed that the Canadian employers added more jobs than the market participants expected and as the unemployment rate in the US dropped, suggesting that the economic recovery in the North American nations are gaining momentum.

The Canadian dollar continued to decline today, falling for the forth straight day in the longest stretch of losses since October, as the slowing inflation caused the speculation that Canada’s central bank would keep the interest rates unchanged.

The Canadian dollar rose today as the Canadian trade balance deficit shrank and the consumer confidence in the US, the biggest Canada’s trading partner, improved. Still, the currency is heading for the weekly decline.

The Canadian dollar rose today after it fell yesterday as Canada’s central bank kept the interest rates unchanged and the commodities, including crude oil, dropped, decreasing appeal of the currencies linked to the economic growth.