Loonie Mixed as Traders Look for Direction

Canadian dollar is mixed today, thanks in large part to questions about what’s next for the loonie, and for currencies in general. Right now, it doesn’t seem as though many currencies are moving according to market data, and there is a great deal of head scratching going on.

Loonie is mixed today, see-sawing against the euro, losing ground to the pound, and gaining against the US dollar. The general trend against the greenback is helping the loonie against its neighbor to the south. However, other conditions are boosting European currencies, even though the euro can’t seem to catch a break against any currency but the dollar right now.
Canadian dollar is expected to be somewhat weak as the Bank of Canada dithers about what to do next. Concerns that the housing market could be in a bubble haven’t been completely assuaged, and other economic data isn’t as encouraging as policymakers would like.
Right now, oil prices are a little higher, though, and that is helping the loonie against the greenback, whose weakness just seems to be in the cards today.
At 13:42 GMT USD/CAD is down to 1.0908 from the open at 1.0955. EUR/CAD is down to 1.5198 from the open at 1.5200. GBP/CAD is up to 1.8532 from the open at 1.8478.

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