Canadian dollar remains lukewarm in Forex trading against its major counterparts today. There isn’t a whole lot to either push the loonie forward or drag it back, and it is mostly rangebound today.
Even though Canadian Prime Minister Steven Harper recently insisted that there is room for solid growth for the economy, evidence of this growth isn’t likely to be immediately forthcoming. Instead, the Canadian economy seems to be holding its course in a mild recession. The economic situation isn’t expected to get worse, but improvement in the near term is likely to be tepid at best.
For now, many Forex traders are looking at the situation with oil prices. As long as oil prices remain low — and continue to lose small amounts of ground — the Canadian economy is likely to remain relatively stagnant. Additionally, there is still the prospect of a housing market bubble to consider.
Things are likely to remain in train for a while, and the loonie is likely to continue to be on the low side against its major counterparts.
At 13:02 GMT USD/CAD is higher, up to 1.3082 from the open at 1.3058. EUR/CAD is also higher, up to 1.4432 from the open at 1.4395. GBP/CAD is up to 2.0482 from the open at 2.0452.
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