The Canadian dollar was moving lower against its major counterparts during the Monday’s trading session but has rebounded against the US dollar and the euro as of now and trimmed its losses versus the Japanese yen.
Crude oil was falling during the session as prospects for an interest rate hike from the Federal Reserve and the bearish report from the Organization of Petroleum Exporting Countries were pushing prices lower. But crude’s movement changed its direction after the dollar fell, aiding raw materials priced in the US currency. That in turn helped the loonie to regain its footing.
Last week’s economic reports released from Canada were not particularly good, making the nation’s currency to end the week soft. This week is light on economic data with just manufacturing sales and foreign security purchases reports will be released on Friday. Experts predict that manufacturing sales would show growth by 0.6% July, a bit slower than June’s 0.8%.
USD/CAD traded close its opening level of 1.3048 as of 21:10 GMT today after rising to the high of 1.3122 intraday. EUR/CAD was also near its opening of 1.4658 following the rally to the session high of 1.4743, which was highest since May 24. CAD/JPY dropped from the open of 78.51 to 78.06 but rebounded from the daily low of 77.60.
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