Canadian Dollar Struggles Along With Oil

Oil continues to struggle in the markets, and that is bringing the Canadian dollar lower as well. Right now, loonie continues to drop against the greenback, even though it (like every other currency) is higher against the euro.

The only major currency that loonie is gaining against right now is the euro. Against other currencies, the Canadian dollar isn’t doing as well. The loonie is having especial problems with the greenback right now. Thanks to lower oil prices, the Canadian dollar can’t seem to find support. Oil is below $47 a barrel, and still dropping today. There have been signs that an oil recovery is on the way, and many expect to see oil regain some of its ground at some point, but for now oil struggles.

Canadian dollar relies on oil prices, since oil is one of its major exports. With supply still flooding the market, including supply from the United States, there isn’t a whole lot to support oil prices, and that means the loonie is likely to remain in its rough patch for a while.

At 10:57 GMT USD/CAD is higher, moving up to 1.2738 from the open at 1.2686. EUR/CAD is lower, heading down to 1.3482 from the open at 1.3790. GBP/CAD is up to 1.8899 from the open at 1.8880.

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