As it often happens, the Canadian dollar was following moves of crude oil. Today, this meant that the currency was rising at the first half of the trading session and was falling in the second half.
Initially, crude was rising on the back of the US dollar’s weakness. Yet the commodity slumped following the Monthly Oil Market Report from the Organization of Petroleum Exporting Countries that showed that the OPEC increased its output despite the falling prices.
Crude oil is the major export of Canada. This means that the performance of the Canadian currency shows high correlation to moves of crude oil prices.
Canada’s markets were closed today due to the Thanksgiving.
USD/CAD rallied from 1.2960 to 1.3006 as of 18:46 GMT today after falling to the low of 1.2901 intraday. EUR/CAD climbed from 1.4724 to 1.4779 following the earlier drop to 1.4672. CAD/JPY rallied from 92.69 to 93.15 during the trading session but retreated to 92.23 afterwards.
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