Canadian dollar is struggling a bit in currency trading on FX market after some gains earlier. Loonie is down against European currencies, and is seesawing between gains and losses when it comes to the US dollar.
Loonie got a bit of a boost yesterday as the situation with the US dollar looked a little more uncertain than originally expected. The minutes from the latest FOMC meeting show that some members are waffling on when it might be best to start raising US rates.
This uncertainty, combined with the fact that oil prices are rising a little bit after recent difficulties, helped the Canadian dollar a little bit. However, things are back to business as usual as Forex traders sell the loonie against its European counterparts, and as the performance against the US dollar turns choppy.
Even with concerns about the Federal Reserve, there is still policy divergence to consider between the US dollar and the Canadian dollar. The loonie might be seeing some gains on occasion, but long-term the greenback is expected to do better overall.
At 10:11 GMT USD/CAD is a little big lower, down to 1.1103 from the open at 1.1108. EUR/CAD is up to 1.4168 from the open at 1.4145. GBP/CAD is up to 1.7987 from the open at 1.7959.
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