Canadian dollar is trading mixed today against its major counterparts. However, some analysts and Forex traders think that the loonie will experience near-term weakness on economic data.
Today, the loonie is moving higher against the US dollar as well as the UK pound. Disappointing news out of the United States with regard to jobs data is resulting in a dollar crash that is benefiting the loonie. Against the sterling, the Canadian dollar is gaining ground as the fallout from the latest Brexit poll continues to weigh on the pound.
Canadian dollar is down against the euro, however. More weakness against other currencies is expected in the short-term, however. Concerns about the Canadian economy have some cautious about what’s next. Additionally, even though oil prices have been moving modestly higher recently, they are slightly lower today, and there are concerns about what might be next.
For now, though, loonie performance is mostly based on the factors influencing other currencies, although the fundamentals of the Canadian dollar are likely to come into question soon.
At 13:56 GMT USD/CAD is heading lower, dropping down to 1.2937 from the open at 1.3096. EUR/CAD is higher, moving up to 1.4646 from the earlier open at 1.4602. GBP/CAD is dropping, heading down to 1.8819 from the open at 1.8889.
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