Markets in general are struggling today, thanks largely to concerns over the referendum vote in Crimea on Sunday. Additionally, it’s not helping that there are worries about Chinese growth and other issues weighing on risk appetite today. Plus, there are questions about an independent Quebec to consider.
Even though oil prices are higher on the day, the Canadian dollar is struggling against some of its major counterparts, particularly the US dollar. With risk appetite fading ahead of Sunday’s referendum in Crimea and on the news that Chinese growth continues at a slower pace, the loonie is facing difficulties.
On Sunday, there is a referendum in Crimea about whether or not to rejoin Russia. Crimea has long been under Ukraine’s jurisdiction, but Russian troops have been heavily involved in the area since the end of the Olympics. On top of that, growth in China is slower than expected, and that is taking away from risk appetite.
There are also questions about what would happen if Quebec were to become independent. Leaders of the faction for Quebec independence say they would use the loonie, but it’s not a sure thing.
At 13:22 GMT USD/CAD is up to 1.1094 from the open at 1.1076. EUR/CAD is up to 1.5402 from the open at 1.5361. GBP/CAD is down to 1.8407 from the open at 1.8409.
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