Canadian Dollar Follows Crude Oil in Decline Yet Again

The Canadian dollar yet again followed crude oil price in decline. Yet the currency’s losses were not big as the decline of oil was limited itself.
Crude oil extended yesterday’s decline today due to persisting concerns about oversupply on the market. Bad economic data from China was not helping the commodity either. It is not surprising that under such circumstances crude dropped, dragging the loonie down along with it.
Considering all the negative factors, it is in fact surprising that the Canadian currency did not fall even more. The softness of the US dollar was likely among factors that prevented the loonie from dropping too far.
USD/CAD was at about 1.3010 as of 18:47 GMT today, close to the opening level of 1.2994 and far below the session maximum of 1.3080. EUR/CAD gained from 1.4762 to 1.4804 but retreated from the daily high of 1.4898. CAD/JPY declined from 92.34 to 92.10 but was far above the daily minimum of 91.48.

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