The Canadian dollar was little changed during Wednesday’s quiet trading. Markets in several countries, including Canada and the United States, are closed today due to holidays.
Canadian markets were closed due to Remembrance Day while US markets were not working because of Veteran Day. The loonie has been flat during the past few sessions versus the Japanese yen but was slowly rising against the US dollar and the euro.
Despite the decent performance, the Canadian currency remains vulnerable due to the weak prices for crude oil. Futures for the commodity tumbled about 3 percent today amid concerns about oversupply. Usually, the Canadian dollar demonstrates strong correlations to movement of oil prices.
USD/CAD traded at about 1.3262 as of 19:46 GMT today after opening at 1.3271 and falling to the daily low of 1.3232. EUR/CAD ticked up from 1.4227 to 1.4246. CAD/JPY was down a little from 92.74 to 92.64.
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