The Canadian dollar was stronger against its US peer at the first hours of today’s trading session, but Forex market participants are not sure whether the currency would be able to keep the positive performance in light of uncertainty caused by today’s meeting of European leaders.
The Canadian currency gained against the US dollar today, following yesterday’s losses. It pared the gains of the previous session versus the euro. The loonie was basically flat against the yen, almost giving away what it has got yesterday.
John Curran, the senior vice president at CanadianForex, was rather skeptical about the ability of the Canadian dollar to show a positive performance:
Everyoneâs waiting for the summit. Any positive sentiment will be short-lived. The market is just waiting for confirmation. The Canadian dollar will underperform on general risk aversion, and on the growth slowdown.
USD/CAD was down from 1.0248 to 1.0239, while EUR/CAD rose from 1.2777 to 1.2785 as of 2:05 GMT today. CAD/JPY was down from 77.72 to 77.57.
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