Canadian dollar is still recovering from last week’s rather large plunge against major currencies. Loonie is higher today against its major counterparts, even though there are still concerns about the Canadian economy and some commodities are still struggling.
Last week, the Canadian dollar dropped quite a bit. Concerns about the state of the economy, and disappointing advance data out of the United States weighed on the loonie. This week, the loonie has been in a state of recovery, working to make gains in Forex trading.
Today, the Canadian dollar is heading mostly higher against its counterparts, looking to improve its performance. However, there are still come concerns regarding the loonie. The Canadian housing market is still overheated in some areas, and there are concerns about what could be next. Oil is still somewhat weak as well. Oil is gaining today, but it is still below the $40 a barrel mark.
For now, loonie is expected to continue its recent recovery, but the long-term outlook could be different.
At 12:03 GMT USD/CAD is lower, dropping to 1.3100 from the open at 1.3110. EUR/CAD is also lower, heading down to 1.4666 from the open at 1.4713. GBP/CAD is down as well, dropping to 1.7496 from the earlier open at 1.7510.
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