The Canadian dollar was flat against its major rivals (though it gained on the Japanese yen) today ahead of important reports due to release at the end of this week. The drop of crude oil hardly affected the currency.
Crude oil prices fell today as traders were repositioning themselves on the market at the start of the new quarter. Usually, the loonie closely follows moves of crude, but today the commodity was not leading the currency. One of the possible reasons for that was the fact that crude’s drop was limited.
As for economic data scheduled for the rest of the week, the trade balance will be released on Thursday. Arguably even more important report, employment data, will be released at the same time as US nonfarm payrolls on Friday.
USD/CAD traded at 1.2487 as of 19:26 GMT today after opening at 1.2509 and rising to the daily high of 1.2536. EUR/CAD traded near the opening level of 1.4675 after rallying to the high of 1.4719 intraday. CAD/JPY gained from 90.11 to 90.36.
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