As most other currencies, the Canadian dollar gained on the US dollar today. The loonie also rallied versus the Japanese yen but was unable to beat the extremely powerful euro.
Canada’s imports were falling while exports were rising in February. This led to the decline of the trade balance deficit from C$1.5 billion in January to C$984 million in February. Forecasts ahead of the report were far more pessimistic, promising an increase of the trade gap to C$2.0 billion.
The positive domestic data helped the Canadian currency to withstand negative factors. Among the events that have been detrimental to the currency was the news about progress in Iran nuclear talks that led to a drop of crude oil prices.
USD/CAD dropped from 1.2620 to 1.2564 as of 22:17 GMT today. CAD/JPY rallied from 94.84 to 95.25 after falling to 94.54 earlier. At the same time, EUR/CAD surged from 1.3583 to 1.3661, rising to the high of 1.3723 intraday.
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