The Canadian dollar held steady against the US dollar and maintained its gains versus the euro even amid negative news that hurt the market sentiment. The currency lost to the Japanese yen yesterday and kept the losses today.
The negative manufacturing report from the United States reinforced the pessimistic mood caused by poor macroeconomic data from Europe. Commodities reacted negatively to the news and that translated to riskier currencies. Crude oil dropped 0.7 percent to $93.47 per barrel in New York.
The loonie (as the Canadian currency is usually nicknamed) looked surprising resilient considering all the negative events. The currency retreated versus the yen, that is true, but the move was the reflection of the yen’s strength rather than the loonie’s weakness.
USD/CAD traded near its opening level of 0.9839 as of 1:03 GMT today. EUR/CAD traded at 1.3092 after yesterday’s drop from 1.3160 to 1.3092. At the same time, CAD/JPY retreated from 90.17 to 89.90.
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