Canadian dollar is trading mixed today, looking for solid direction as the dust from this week settles. The Bank of Canada kept things steady, but elsewhere, there is plenty of turmoil.
Many are still waiting for the Bank of Canada to start raising rates again. After all, the Canadian economy continues to hold up admirably, and some are getting concerned about inflation.
However, BOC Governor Stephen Poloz has said that he thinks some of the factors leading to recent inflation readings are temporary. As a result, the BOC isn’t likely to raise rates anytime soon, although many will be looking forward to a speech from Poloz later this month to get a few more clues about what’s next.
For now, loonie is higher against the UK pound, but down against the US dollar and the euro. However, the Canadian dollar’s losses against the greenback are pretty small right now. Slightly higher oil prices aren’t doing much to help the loonie, and many are still concerned that a housing market bubble could burst at any moment.
At 10:42 GMT USD/CAD is up to 1.0877 from the open at 1.0875. EUR/CAD is also higher, moving up to 1.4099 from the open at 1.4077. GBP/CAD is lower, though, dropping to 1.7748 from the open at 1.7761.
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