The Canadian dollar fell today to the weekly low against its U.S. counterpart, erasing its gains this week, as the concerns about the debt crisis in the European countries erode the demand for the raw materials, including oil.
June delivery for crude oil tumbled as much as 2.3 percent to $72.72 per barrel on NYMEX. Crude oil is the key export of the nation. The European troubles are resounding throughout the global markets, negatively affecting the trade. Canada felt it too, as about half of its export revenue comes from the raw materials.
The economists start loosing the optimism about the loonie. The decline to C$1.0370 per U.S. dollar is expected, though the movement toward parity may resume after that.
USD/CAD jumped to 1.0350 today as of 16:38 GMT after opening at 1.0194. EUR/CAD rose to about 1.2802 from its opening level of 1.2777.
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