Canadian dollar is on the rise today, gaining against the US dollar as better economic data is expected, and as the situation in Cyrpus eases some. Today it’s about risk-on in Forex trading, and loonie is reaping some of the benefits.
For the first time in three days, the loonie is gaining ground against the greenback. Concerns about Cyprus are fading, since the European Central Bank has agreed to continue providing liquidity to Cyprus until it can renegotiate a bailout. The news has eased a number of fears about the eurozone and the euro, and that is helping general risk appetite today.
Canadian dollar is also getting help from the fact that January retail sales are supposed to see an increase. When the report is issued by Statistics Canada tomorrow, many expect good things. On top of that, the Federal Reserve is expected to keep things in stimulus mode, supporting the US economy, and oil prices are inching higher.
There’s just enough good news to go around, and that is providing Canadian dollar an edge against the US dollar.
At 14:51 GMT USD/CAD is down to 1.0265 from the open at 1.0275. EUR/CAD is up to 1.3292 from the open at 1.3221. GBP/CAD is up to 1.5563 from the open at 1.5508.
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