The Canadian dollar continued to move down against its US counterpart following yesterday’s big slump. The currency held steady against the Japanese yen and even managed to gain on the euro.
The Canadian currency was extremely weak after yesterday’s surprise interest rate cut from the Bank of Canada. Moreover, the central bank also revised its projections for Canada’s economic growth negatively. And on top of that, economists were pessimistic about inflation data that is due to release tomorrow.
Helping the currency, the general market sentiment improved after the Greek crisis has come closer to resolution. Crude oil prices were also providing support for the loonie, rising during the Thursday’s trading session.
USD/CAD went up from 1.2911 to 1.2965 as of 23:01 GMT today, touching the highest rate since March 2009. EUR/CAD slipped from 1.4133 to 1.4104, and its session low was at 1.4034. CAD/JPY traded at about 95.73, not far from the opening of 95.81.
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