The Canadian dollar was little changed at the start of the Friday’s trading session after rallying against the US dollar and the Japanese yen on Thursday. The rally was caused by the rise of crude oil prices.
The Canadian currency continues to follow moves of crude oil. Fortunately for the loonie, oil prices were moving up on Thursday, lifting the currency along with the them. Crude was rising on speculations about possible output cap by major oil producing countries as well as with the help of the weaker US dollar.
Turning to the news from Canada itself, economic data released by the Statistics Canada was not good. It showed that foreign investment in Canadian securities fell to C$9.02 billion in June from C$13.99 billion in May. The actual value was nowhere near $17.23 billion predicted by experts.
USD/CAD fell from 1.2843 to 1.2781 on Thursday and traded at 1.2786 as of 00:20 GMT today. EUR/CAD traded at about 1.4503 following the rise from 1.4495 to 1.4508. CAD/JPY rallied from 78.11 to 78.39 during the current trading session.
If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.
