Canadian Dollar Flat, Can Potentially Go Lower

The Canadian dollar was little changed during Thursday’s quiet trading. The currency fell versus the US dollar intraday but is trading near its opening level currently. Falling prices for crude oil coupled with poor economic data from Canada suggest that the currency may go lower once trading recovers after the holiday in the United States.
Profits of Canada’s corporations were down 5.4 percent in the third quarter of this year from the previous quarter. Meanwhile, crude oil prices remain under pressure from the glut on the market, trying to drag the Canadian currency down along with them.
Many markets are closed today due to Thanksgiving in the United States. This results in slow trading and low volumes. Yet under the current circumstances, it looks very likely that the loonie may decline once trading resume in a normal mode.
USD/CAD was up from 1.3287 to 1.3324 intraday but retreated to 1.3292 as of 22:48 GMT today. EUR/CAD was down a little from 1.4114 to 1.4100. CAD/JPY traded at about 92.21 after opening at 92.30.

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