The Canadian dollar was flat against its US peer today, erasing the intraday loss. The currency gained versus the euro and fell against the Japanese yen.
The loonie (as the Canadian currency is nicknamed for the image of an aquatic bird on the C$1 coin) has moved virtually nowhere against the greenback since the end of February. Against the euro, the Canadian currency was flat since the beginning of the last month.
Currencies usually move sharply after a period of sideways trading.The problem is that it is unclear in what direction the currency will move.
Currently, traders are feeling optimistic as they anticipate good macroeconomic data from the United Sates this week. The loonie was also supported by yesterday’s employment data from Canada.
USD/CAD was flat at 1.0260 as of 19:04 GMT today after rising to 1.0282 intraday. EUR/CAD went down from 1.3380 to 1.3364, while CAD/JPY ticked down from 93.81 to 93.46.
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