Canadian Dollar Rises a Little, Unable to Beat Euro

The Canadian dollar gained a little on the US dollar and the Japanese yen today after the release of positive economic data from Canada and disappointing reports from the United States. At the same time, the currency logged a substantial drop against the euro.

The Forex market reversed its trend during the first trading day of this week as safer currencies were weak while their rivals were relatively firm. The Canadian dollar joined the winners, though its rally was very limited.

Foreign investors added as much as C$5.7 billion of Canadian securities according to the report from Statistics Canada. Yet the loonie had hard time profiting from the positive domestic fundamentals as crude oil prices continue to struggle, hurting the currency as they were doing before. This prevented the Canadian dollar from demonstrating any meaningful gains.

USD/CAD edged down from 1.2789 to 1.2776 as of 19:00 GMT today. EUR/CAD gained from 1.3417 to 1.3519, reaching the high of 1.3566. CAD/JPY was up from 94.93 to 95.22 but retreated to 94.96 as of now.

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