Loonie Trades Flat Against the Greenback

The Canadian dollar is trading flat against the US dollar today, but it is gaining some ground against its counterparts in Europe. Many traders expect reasonably good news out of Canada later this week, and this is helping the loonie in Forex trading.

Many Forex traders are looking ahead to data releases later this week. There are expectations for a slight month over month increase of 0.1 per cent, and for an increase of 1.7 per cent for the first quarter. While this doesn’t seem like a lot, the numbers, which Statistics Canada is expected to release on Friday, would still show Canada moving ahead with economic growth, and doing so in spite of the difficulties surrounding the economies of other countries.
Right now, loonie is up against its European counterparts, which continue to struggle to some degree — especially the euro. The Canadian dollar is slightly higher against the US dollar, but the trading is mostly flat for that currency pair. Many think that the United States economy might actually have contracted in the last quarter, and the word on revised GDP is awaited.
At 13:17 GMT USD/CAD is down to 1.0854 from the open at 1.0858. EUR/CAD is down to 1.4779 from the open at 1.4805. GBP/CAD is down to 1.8166 from the open at 1.8252.

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