The Canadian dollar gained today against its US counterpart, following yesterday’s fall. The currency rose versus the Japanese yen and the euro yesterday and continued to advance today as the prices for crude oil increased.
January futures for crude oil delivery gained $0.55 to $94.08 per barrel on NYMEX after it rose 1 percent and fell 1.1 percent. The loonie experienced some pressure to the downside as the situation in Europe hasn’t shown an improvement. The Standard & Poorâs 500 Index dropped as much as 1.2 percent, following the advance by 0.4 percent.
The Forex market is entering a consolidation mode. The market is expected to be quite ahead of the holidays. On the other hand, an impact of any major event may be noticeable amid the quietness.
USD/CAD fell from 1.0385 to 1.0372 and EUR/CAD declined from 1.3497 to 1.3482 as of 2:32 GMT today. CAD/JPY rose from 75.09 to 75.17.
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