Canadian Dollar Mostly Steady Today

Oil prices are inching higher today, but they are still below $45 a barrel. Canadian dollar is mostly steady against its major counterparts. While the loonie is mostly lower, it isn’t making any big moves today.

Canadian dollar is holding steady today. Loonie is mostly lower against its major counterparts, although it is gaining against the euro, which continues to perform poorly against most other currencies.

Loonie is getting a little help in limiting its losses from slightly higher oil prices. Crude oil has moved into positive territory today, although the price is still solidly below $45 a barrel. Because the Canadian economy relies so heavily on oil exports, the oil price is important to the loonie.

For now, many are watching and waiting. The recent sluggish economic growth prompted a rate cut from the Bank of Canada not too long ago, and many are waiting to see if another rate cut (and more weakness) might be ahead. Policy divergence from the US dollar would only weaken the loonie further against the greenback.

At 14:24 GMT USD/CAD is higher, moving up to 1.3143 from the open at 1.3120. EUR/CAD is lower, dropping to 1.4377 from the open at 1.4387. GBP/CAD is up to 2.0395 from the open at 2.0320.

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