The Canadian dollar went lower today as a drop of crude oil prices overshadowed gains of stocks. The currency was rallying yesterday and may yet resume its rally amid positive market sentiment.
The Standard & Poorâs 500 Index gained 0.5 percent, while the MSCI World Index of stocks added 0.9 percent. Crude oil retreated, on the other hand, and futures were down 0.5 percent to $100.61 per barrel in New York. Crude is the main export commodity of Canada.
Analysts believe that the Canadian currency retained some of its inherent strength. Positive data from the United States and hopes for Europe create a positive economic landscape for the loonie. The currency is still higher over the week against the US dollar and the yen.
USD/CAD rose from 1.0111 to 1.0128 and EUR/CAD advanced from 1.3113 to 1.3130, while CAD/JPY fell from 76.19 to 76.06 as of 3:38 GMT today.
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