Loonie Gains Against European Counterparts

Better employment data released toward the end of last week is still helping the Canadian dollar in Forex trading today. Indeed, there are hopes that Canadian rates will start rising again. This hope is allowing the loonie to log gains against European currencies, even as it continues to struggle against the greenback.

The latest employment data is providing a boost for the Canadian dollar. The latest numbers indicated that the unemployment rate fell to 6.8 per cent in September, from 7.0 per cent in August. This was a bit of a surprise, as was the 74,100 increase in jobs for the month of September. Analysts had expected tamer numbers.
With this good news, the loonie is seeing a bit of a boost against European currencies, whose economies are not surprising to the upside. Many hope that the Bank of Canada will decide to increase interest rates again soon, since the rate has been at 1.0 per cent for the last four years.
The Canadian dollar isn’t having the same luck against its US counterpart today, however. With oil prices slightly lower, and with the US economy doing much better, the loonie is down against the greenback.
At 10:46 GMT USD/CAD is up to 1.1253 from the open at 1.1199. EUR/CAD is down to 1.4236 from the open at 1.4281. GBP/CAD is down to 1.7946 from the open at 1.8014.

If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *