Canadian Dollar Struggles on Oil Fluctuations

Canadian dollar is lower today, struggling as oil fluctuations cause difficulty. Oil is slightly higher right now, but earlier there were losses and a certain amount of see-sawing after the nuclear deal was reached with Iran. For now, the loonie is just mostly lower against its major counterparts.

Oil, Canada’s biggest natural resource, was fluctuating earlier today, after heading lower. The deal reached between world leaders and Iran regarding the nuclear program has weighed on oil prices, since they aren’t being supported by concerns about that specific flare up in the Middle East. Canada relies on oil for its economy, and for support of the loonie.
For now, oil is heading a little bit higher, but it isn’t helping the loonie much. Consumer confidence in the United States fell in November, indicating that Canada’s biggest trading partner might not be ready for holiday shopping. On top of that, there are concerns about Canada’s own economy. Housing bubble worries persist, and that is having an impact on the Canadian dollar as well.
For now, there’s just too much uncertainty surrounding the loonie.
At 15:36 GMT USD/CAD is up to 1.0555 from the open at 1.0548. EUR/CAD is up to 1.4297 from the open at 1.4262. GBP/CAD is up to 1.7082 from the open at 1.7041.

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