The Canadian dollar was falling against the US dollar while rising versus the Japanese yen and the euro on Friday. Yet by the end of the trading session the currency moved closer to the opening level, ending trading little changed against its major peers.
The loonie (as the Canadian currency is nicknamed) was struggling along with other currencies against the US dollar on speculation about an imminent interest rate hike in the United States. Such talks intensified after the upward revision of US economic growth.
At the same time, the Canadian currency received support from crude oil prices. West Texas Intermediate crude rallied more than 1 percent after the report that the number of US oil rigs continued to fall.
All in all, fundamentals were mixed for Canada’s dollar. Analysts say that the currency needs some strong factor to establish a trend, and for now it lacks one.
USD/CAD closed at 1.3323 after opening at 1.3303 and rallying to 1.3354 during the Friday’s trading session. EUR/CAD slid from 1.4939 to 1.4813 before settling at 1.4930. CAD/JPY rallied from 90.21 to 90.92 intraday but retreated to close at 90.39.
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