The Canadian dollar tumbled today as the decline of commodities and global stocks diminished appeal of currencies linked to economic growth, yet the Canadian currency may rebound if the employment reports this week would be favorable.
The Standard & Poorâs 500 Index fell 0.7 percent and the MSCI World Index of stocks dropped 0.8 percent. Crude oil futures slid 2 percent to $108.81 per barrel in New York. Crude oil is the main Canada’s export.
Analysts remain optimistic about the loonie, as the Canadian currency is nicknamed, even in the light of the recent declines. The employment reports from Canada and the US this week may help the currency by increasing risk appetite. Experts predict that a growth by 20,000 jobs in Canada and 185,000 working place in the US.
USD/CAD went up from 0.9522 to 0.9579 today as of 22:43 GMT, while it posted the high of 0.9602 during this trading session. EUR/CAD advanced from 1.4118 to 1.4205 and CAD/JPY dropped to 84.16 down from the opening price of 84.90.
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