Statistics Canada — News Archive


Canadian Dollar Falls Against US Peer on Weak Crude Oil Prices

The Canadian dollar today broke down against the US dollar as global crude oil prices fell following the absence of more output cuts by the OPEC and its allies at today’s meeting. The USD/CAD rallied higher during the American session as oil prices fell causing the commodity-linked loonie to weaken against the greenback.

Canadian Dollar Rallies with Help of Domestic & Global Fundamentals

The Canadian dollar gained today, joining other commodity currencies in a rally. While the positive general sentiment on the Forex market undoubtedly helped the currency, it also had its own reasons to rise.

Canadian Dollar Jumps After BoC Holds Interest Rates

The Canadian dollar rallied today after Canada’s central bank preferred to avoid cutting interest rates. Wednesday’s domestic macroeconomic data was negative for the loonie, but the currency ignored it for the most part.

Loonie Rallies on Upbeat Retail Sales Data, Limited by Strong Dollar

The Canadian dollar today rallied against its American counterpart following the release of upbeat Canadian retail sales data for June, but the rally was short-lived. The USD/CAD currency pair today extended its gains from yesterday as the US dollar proved to be much stronger against the loonie driven by several factors including the less-dovish Fed minutes.

Canadian Dollar Rallies on Higher Oil Prices and Upbeat CPI Data

The Canadian dollar today rallied against the US dollar driven by higher global crude oil prices as American oil stockpiles fell and tensions with Iran skyrocketed. The USD/CAD currency pair extended its losses as the loonie rallied higher following the release of upbeat Canadian inflation data in the early American session.

Canadian Dollar Soft After Manufacturing Sales Fall

The Canadian dollar managed to rebound versus the US dollar but was soft against other majors today. Domestic macroeconomic data was not especially bad and crude oil attempted to rally but that apparently was not enough to support the loonie.

Canadian Dollar Mixed amid Opposing Fundamentals

The Canadian dollar was mixed today, unsure where to go amid opposing fundamentals. While domestic macroeconomic data was very detrimental to Canada’s currency, rising prices for crude oil was a supportive factor for the loonie.

Canadian Dollar Soft After Crude Oil Drops 2%

The Canadian dollar was performing extremely poor today. While the loonie has managed to erase intraday losses versus the US dollar by now, the Canadian currency remained below the opening level against other most-traded rivals. The most likely reason for the drop was the decline of crude oil prices. Positive Canadian employment data did little to help the currency.

Canadian Dollar Forecast for 8-12 July 2019

The Canadian dollar ended the last trading week as the strongest among most-traded currencies despite surprisingly poor employment data. What expects the loonie during the current week? The week will be less eventful than the previous one, with the Bank of Canada monetary policy meeting being the only major event important for the Canadian currency specifically.

Canadian Dollar Firm After Surprising Bad Economic Data

The Canadian dollar was firm today even as domestic macroeconomic data was surprisingly poor. While the loonie fell versus its US counterpart, which itself got boost from positive domestic data, the Canadian currency was firm against other major rivals.