Canadian Dollar Swings Between Gains & Losses

The Canadian dollar was swinging between gains and losses during Thursday’s trading as positive domestic fundamentals were combating concerns about the impact of the Brexit on the world’s economy.
Canada’s gross domestic product rose 0.1% in April, within expectations, following the drop by 0.2% the month before. The Industrial Product Price Index increased 1.1% in May. The Raw Materials Price Index rose 6.7%. Both indexes were above analysts’ forecast and both profited from the rally of crude oil prices.
Offsetting the positive fundamentals, concerns about the possible impact of Britain’s exit from the European Union were hurting the traders’ confidence. Additionally, crude shed some of its gains, falling during the Thursday’s session.
USD/CAD traded at about 1.2952 as of 22:53 GMT today after opening at 1.2935 and rallying to 1.3016. EUR/CAD opened at 1.4388 and traded at 1.4374 after touching the daily high of 1.4441 and the daily low of 1.4323. CAD/JPY traded near 79.65 after opening at 79.45 and falling to the session minimum of 78.78.

If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *