Loonie is getting a little help today in currency trading on the FX market. Canadian dollar is a little higher as North American markets are set to open a little higher, and as oil prices inch up.
Once again, there is a bit of uncertainty in world markets. Chinese markets are starting the week down, but the rest of the world’s markets aren’t being affected as much as last week. Instead, North American markets are set to open a little higher today, and that is helping the Canadian dollar today.
Also helping the loonie today is the fact that oil prices are a little bit higher. While oil prices might not continue to head higher (some analysts see $20 a barrel oil coming), it is helping for now.
Canadian dollar is expected to struggle overall this year, thanks in part to a declining economy due to dramatically reduced oil prices. With the reliance the loonie has on oil, it could be a big part of performance this year. Today’s gains may not last.
At 14:30 GMT USD/CAD is down to 1.0495 from the open at 1.4162. EUR/CAD is down to 1.5407 from the open at 1.5456. GBP/CAD is lower, too, dropping to 2.0559 from the open at 2.0561.
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