Canadian dollar is heading lower today, dropping along with other commodity currencies. With commodities plunging, it is little surprise that currencies like the loonie are losing ground today.
Commodity currencies are struggling today as gold and oil drop in trading. The Canadian dollar is losing ground along with other commodity currencies. Oil, a major export for Canada, and a major support for the loonie, is down more than two dollars a barrel today.
As a result, the Canadian dollar is dropping against the US dollar and other major counterparts. It’s also not helping that there are still questions about the Canadian economy. Worries about a housing bubble, as well as uncertainty over what happens with Mark Carney leaving the Bank of Canada, are also factors weighing on the loonie.
It will be interesting to see what happens next with the Canadian dollar. The loonie was termed an official reserve currency earlier this year, but so far that designation doesn’t seem to be helping a whole lot.
At 14:09 GMT USD/CAD is higher, rising to 1.0125 from the open at 1.0068. EUR/CAD is also higher, heading up to 1.3165 from the open at 1.3133. GBP/CAD is moving higher, gaining to 1.5587 from the open at 1.5555. CAD/JPY is higher, thanks to yen weakness, moving up to 100.3110 from the open at 99.9030.
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