Canadian Dollar Holds to Gains

Canadian dollar is holding to gains made yesterday, following the announcement of positive employment news. Loonie is managing to hold its own a bit better now that oil prices seem to have stabilized somewhat, and with economic data remaining fairly positive.

Loonie is a little bit higher against the US dollar today, maintaining some of its gains from yesterday. Additionally the Canadian dollar is higher than the UK pound, which is still reeling from economic data disappointment.

Canadian data has been relatively positive, with employment numbers showing strength. And, even though the budget surplus for next year will be lower than originally expected, the reality is that many analysts think that the family-friendly measures reducing the surplus will help the Canadian economy.

Also helping the loonie right now is the fact that oil prices seem to be stabilizing. Oil prices have been dropping rather quickly, but they seem to have leveled off a little bit, even though the price of crude is slightly lower today. Canada relies on oil for economic growth, so stabilizing prices are helpful.

At 11:29 GMT USD/CAD is lower, falling to 1.1308 from the open at 1.1316. EUR/CAD is higher, moving up to 1.4099 from the open at 1.4070. GBP/CAD is lower, falling to 1.7831 from the open at 1.7862.

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