Loonie Trades Mixed on Latest News

Canadian dollar is trading mixed today, seeing different results thanks to the latest news and data released around the world. With stocks looking to rise, loonie is a getting a boost against some of its counterparts.

A certain degree of risk appetite, at least when it comes to a desire for stocks, is helping the Canadian dollar today in Forex trading. The latest comments from ECB President Mario Draghi, made at a meeting of central bankers in Jackson Hole, Wyoming over the weekend, indicate that policymakers are willing to begin asset purchases if necessary.

The news has been strengthening some risk assets, and that is helping the loonie a little bit. Some of the gains by the Canadian dollar have been a bit limited, though. Against the US dollar, the loonie isn’t doing as well, since many traders are waiting for the latest PMI data. The UK pound has recovered as well from its earlier drop against the loonie.

Even so, there is some support for the Canadian dollar, especially with oil prices looking to rise again due to tensions in the Middle East.

At 10:51 GMT USD/CAD is up to 1.0951 from the open at 1.0967. EUR/CAD is down to 1.4456 from the open at 1.4471. GBP/CAD is up to 1.8173 from the open at 1.8148.

If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *