Canadian Dollar Struggles After US Data

Canadian dollar is struggling today after the release of US data. Positive US data is helping support the greenback against the loonie in the midst of a serious drop by stocks. Even higher oil prices can’t help the Canadian dollar right now.

Canadian data recently has been a little disappointing, showing a bit of stagnation in the economy. Employment decreased by 39,000 in July, according to Statistics Canada. Additionally, there are still concerns about the fact that the housing market is a concern. Worries that housing is in a bubble that could boost continue to weigh on the loonie.
When this information is compared to what is happening in the United States, it is little surprise that the loonie is struggling. Loonie is lower against the greenback for another day. While the gap isn’t as wide as earlier, there isn’t much to recommend the Canadian dollar against the US dollar right now.
Even higher oil prices aren’t helping. Oil prices are on the rise, thanks to violence in Egypt, but that still isn’t helping the loonie much, even though the Canadian dollar relies heavily on oil prices for support.
At 14:21 GMT USD/CAD is up to 1.0352 from the open at 1.0343. EUR/CAD is down to 1.3688 from the open at 1.3707. GBP/CAD is up to 1.6082 from the open at 1.6029.

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