Canadian Dollar Mostly Unchanged

Canadian dollar is mostly unchanged today, making no major moves higher or lower against its major counterparts. After last month, it appears that there is some consolidation in the currency market as Forex traders consider their options and think about the most recent data.

Loonie is rangebound and a bit mixed today, thanks in large part to a pause taken as a new month gets underway. US data wasn’t quite as strong as expected at the end of last week, and that has the month-long rally for the greenback coming to a close. Even so, though, the US dollar is still slightly higher against the loonie.

Canadian dollar is trading mixed against European currencies as well. Even though Canada has been seeing something of a slowdown in growth, and the Bank of Canada hasn’t been forthcoming about what’s next, many still see Canada as a better choice than the eurozone right now.

Oil prices are slightly higher today, which might help the loonie, but they are still well below highs seen in recent months.

At 14:01 GMT USD/CAD is slightly higher, up to 1.0924 from the open at 1.0321. EUR/CAD is a little bit lower, dropping to 1.4660 from the open at 1.4664. GBP/CAD is higher, gaining to 1.8396 from the open at 1.8378.

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