The Canadian dollar was rallying against most major currencies at the beginning of this week, but it fell against the US dollar and the Japanese yen today. The currency traded sideways versus the euro.
Fundamentals were not bad for the Canadian currency at the start of this week as stocks and commodities rallied. The Standard & Poor’s 500 Index of shares climbed 0.5 percent. Crude oil, Canada’s major export, advanced 0.9 percent to $88.76 per barrel.
The currency remained under pressure though as many commodities, especially metals, were rather weak despite the recent bounce. Gold demonstrated the biggest daily drop in 33 years in 2013 and did not completely recover after the slump.
USD/CAD rose from 1.0254 to 1.0264 and CAD/JPY declined from 96.72 to 96.28 as of 3:17 GMT today. EUR/CAD was flat at 1.3398.
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