The Canadian dollar, commonly referred to as the loonie, experienced a significant dip, marking its lowest point in nearly a month against the U.S. dollar, trading at 1.3389. The primary catalyst behind this decline is the mounting apprehension concerning the impact of elevated interest rates on the Canadian economy. The Bank of Canada (BoC) has […]
The Canadian dollar (CAD) edged lower against the U.S. dollar (USD) on Friday but still posted its biggest weekly gain since June. The loonie traded at 1.3521 to the greenback, down 0.1% from Thursday. The surge in oil prices played a pivotal role in bolstering the Canadian dollar’s performance. Crude oil soared to a 10-month […]
The Canadian dollar is gearing up for a period of strength as the Bank of Canada (BoC) prepares to raise interest rates for a second consecutive meeting on July 12. In a recent survey conducted by Reuters, economists expressed their confidence in a quarter-point increase, which would push the overnight rate to 5.00%. This decision […]
The Canadian dollar is on a roll, riding high on a wave of positive economic indicators and some good old-fashioned luck, with the loonie strengthening against the US dollar. So, what’s behind the Canadian dollar’s recent gains? It’s a combination of factors, really. For one, the US Federal Reserve has reevaluated its monetary policy outlook, […]
The Canadian dollar (CAD) was the best performer last week, thanks to a surprisingly strong job report that exceeded expectations. The report showed an increase of 150k in headline growth, with gains concentrated in full-time jobs in the private sector. The news has raised the possibility of further rate hikes by the Bank of Canada […]
The Chinese economy’s optimism had a positive impact on the Canadian dollar, giving the commodity currency a big lift. Being a significant global supplier of numerous commodities, the loonie gained traction despite declining crude oil prices. Since then, COVID cases in China have continued to constrain the upside for commodity demand, as we have seen […]
The Canadian Dollar (CAD) did not particularly perform well last week relative to its major rivals, with losses against the US dollar (USD), the euro (EUR), and the pound sterling (GBP). Poor economic data that pointed to a slowdown in the economy as well as the early drop in oil prices pushed down the CAD. […]
Despite Chrystia Freeland, Canada’s finance minister, promising not to make the task of monetary policy tougher, analysts said the country’s plan to spend an additional 6.1 billion Canadian dollars ($4.5 billion) over the course of the next five months may weaken the central bank’s efforts to contain inflation. The spending plan, which Freeland outlined in […]
