Canadian Dollar Mixed in Forex Trading

Canadian dollar is largely mixed in forex trading today, looking for direction as concerns about the oil supply mesh with speculation about what’s next for the global economy.

Loonie relies heavily on oil prices for direction in Forex trading, since that is one of its major exports. With oil prices slightly lower today (but up on the year),  Forex traders are looking for direction. Additionally, there is uncertainty about global oil supply with the latest developments in Iran. Although restricted oil supply could mean higher oil prices in the future, for now prices are lower.
Canadian dollar is finding success against the greenback right now, though. With the prospect of economic recovery speeding up in the United States, Canada hopes to gain. The United States is Canada’s biggest export partner, and a better situation there could mean an improve loonie in Forex trading.
For now, though, the situation requires more of a wait and see approach. Many traders are closing out positions in preparation for the end of the year, and we will need to see what direction global events, and global economies, seem to be taking for the new year.
At 17:34 GMT USD/CAD is lower, down to 1.0166 from the open at 1.0199. GBP/CAD is higher though, up to 1.5780 from the open at 1.5724.

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