Canadian dollar continues to head mostly lower today in currency trading on the FX market. Loonie saw a bit of a surge at the end of last week, but now the currency is settling back down.
Last week ended with wild swings for the Canadian dollar. This week looks to be a little more steady for the loonie.
Canadian dollar gained quickly toward the end of last week after Federal Reserve Chair Janet Yellen adopted a cautious tone about the US economy and indicated that rate hikes might be pushed back. However, this was soon overcome by the fact that OPEC announced an increase in production, sending oil prices and the loonie lower.
Today things are calmer. Oil is a little bit higher and the Canadian dollar is a little bit lower today, with trading mostly rangebound for the loonie. With economic concerns for Canada to worry over, there isn’t a lot of room for big gains for the loonie, at least in the short term.
At 14:50 GMT USD/CAD is higher, moving up to 1.3037 from the open at 1.3033. EUR/CAD is also gaining, heading up to1.4872 from the open at 1.4857. GBP/CAD is moving higher, gaining ground to 1.8650 from the open at 1.8538.
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