The Canadian dollar fell today despite the rally of crude oil — the major export of Canada. The currency dropped as prospects for global growth worsened.
Futures for West Texas Intermediate crude oil rose 0.38 percent to $93.8 per barrel in New York today, erasing previous decline. Many commodities and growth-related currencies were rising on speculations about delay of Federal Reserve quantitative easing tampering. At the same time, riskier assets were under pressure as the Organization for Economic Cooperation and Development lowered its global growth forecasts.
USD/CAD was up from 1.0426 to 1.0462, while CAD/JPY declined from 95.86 to 95.65 as of 22:04 GMT today.
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