Loonie Trades Mixed, but Higher Against the US Dollar

Canadian dollar is trading mixed today, but is higher against the US dollar. With oil prices recovering a bit, and with the greenback pulling back a little after its recent run, the loonie is pressing its advantage.

Loonie is getting a little help against the greenback today, thanks in part to oil prices. Oil is gaining today, moving up toward the $76 a barrel mark. Crude oil has been dropping in price with a rise in US production, and that has impacted the loonie’s performance against the greenback, since the Canadian dollar relies heavily on oil prices for its support. With oil prices making some headway, though, that is helping the Canadian dollar against the US dollar.

Even though the loonie is improving against the US dollar, though, it isn’t up against all its other counterparts. Canadian dollar is trading mixed today. It is down against the euro today, thanks to the euro’s surge on the latest positive German ZEW data. Loonie has also been swinging between gains and losses against the UK pound. The pound has had troubles, but seems to be making a bid for recovery.

At 11:19 GMT USD/CAD is down to 1.1280 from the open at 1.1296. EUR/CAD is up to 1.4124 from the open at 1.4064. GBP/CAD is down to 1.7667 from the open at 1.7668.

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