Loonie Continues to Gain Against Major Counterparts

Canadian dollar continues to gain against major counterparts today, heading higher as oil prices rise and as investors look to the announcement of the details for the Trans-Pacific Partnership.

Loonie is higher today, thanks in part to changes in the global landscape. The details of the Trans-Pacific Partnership are being released, and that is helping the Canadian dollar a little bit. Additionally, higher oil prices are contributing to the loonie’s gains today.
Also helping the Canadian dollar is the fact that the latest employment news out of the United States wasn’t as good as hoped for. In fact, the jobs data came in below estimates, and that is giving the loonie a chance to capitalize on the idea that policy divergence may not come as soon as expected.
Oil prices are higher as well today, and that helps the loonie. Oil is a major resource for Canada, and higher prices are usually a boon to the Canadian economy and to the Canadian dollar.
At 13:33 GMT USD/CAD is lower, dropping to 1.3109 from the open at 1.3152. EUR/CAD is also lower, heading down to 1.4702 from the open at 1.4758. GBP/CAD is down as well, dropping to 1.9889 from the open at 1.9985. CAD/JPY is up to 91.7020 from the open at 91.2270.

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Your email address will not be published.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 *