Loonie Gains a Bit Against Major Counterparts

Canadian dollar is heading a little bit higher today, gaining ground after weakening yesterday. A slight uptick in oil prices, along with better news in European and China, are helping the loonie a little bit. However, there are still challenges ahead for the Canadian dollar.

Loonie is getting a reprieve today, after dropping yesterday. The Canadian dollar has been struggling recently, due largely to falling oil prices. Not only that, but the Canadian dollar got a bit of a shock last week with the terrorist attack in Ottawa. We don’t normally think of Canada as a terrorism target, and the shooting shook quite a few people up, and weighed on the loonie a bit.
Today, though, the Canadian dollar is getting a bit of a break. Oil prices are slightly higher today, and that is offering some support to the loonie. Also, the Canadian dollar tends to do better when signs of a global economic recovery can help stocks. Better news coming out of Europe and China are helping the situation, and that is providing a little boost for the loonie.
At 10:46 GMT USD/CAD is down to 1.1217 from the open at 1.1247. EUR/CAD is also lower, dropping to 1.4235 from the open at 1.4284. GBP/CAD is down to 1.8074 from the open at 1.8132.

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