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The Canadian dollar advanced today against its US peer as the nation’s current-account deficit shrank last quarter, adding to speculations that the central bank may raise interest rate in the future.
The currency declined versus the euro. The Canadian current-account shortage narrowed by C$0.5 billion to C$14.1 billion in the first quarter of 2013. Analysts have expected an increase. The positive data added to evidences that the Bank of Canada can withdraw some stimulus without hurting the economy. The loonie was especially strong against the greenback, which was weakened by negative macroeconomic reports from the United States. The Canadian currency also trimmed its losses versus the euro, but was unable to erase the drop completely. USD/CAD was down from 1.0348 to 1.0302 as of 19:22 GMT today. EUR/CAD traded at 1.3440 after rallying from 1.3389 to 1.3502 — the highest since April 17. CAD/JPY ticked up from 97.68 to 97.87. If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.
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The Canadian dollar slumped today, touching the lowest level since March against its US peer, as inflation slowed last month, decreasing probability of an interest rate hike from the Bank of Canada. The Consumer Price Index rose 0.4 percent in April from a year ago. It was the slowest growth since October 2009. Consumer prices fell 0.2 percent, month-on-month.
The BoC was talking about raising interest rates for some time, unique among central banks of developed nations in this regard. Recent fundamental data did not warrant tighter monetary policy and such talks hushed. USD/CAD surged from 1.0192 to close at 1.0290 today, while its daily high of 1.0311 was strongest since March 8. EUR/CAD advanced from 1.3129 to 1.3199. CAD/JPY went down from 100.25 to 99.35 before rebounding and closing at 100.34. If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

The Canadian dollar demonstrated a big drop against its US counterpart yesterday and continued to fall today on concerns that Canada’s economic growth will trail that of the United States.
The currency was also weak against other majors, including the euro and the yen. The US economy is expected to expand 2 percent in 2013. At the same time, analysts believe that the Canadian economy will grow just 1.6 percent. Such outlook was not very supportive for the loonie. Yesterday’s drop of crude oil did not help the currency either. Not all economists are concerned about the loonie’s drop. The currency was rising previously and some specialists believe that the rally may resume after a small correction. USD/CAD rose from 1.0178 to 1.0186 and EUR/CAD advanced from 1.3149 to 1.3174 as of 1:31 GMT today. CAD/JPY went down from 100.56 to 100.23. If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

The Canadian dollar demonstrated a big drop against its US counterpart yesterday and continued to fall today on concerns that Canada’s economic growth will trail that of the United States. The currency was also weak against other majors, including the euro and the yen. The US economy is expected to expand 2 percent in 2013. At the same time,
analysts believe that the Canadian economy will grow just 1.6 percent. Such outlook was not very supportive for the loonie. Yesterday’s drop of crude oil did not help the currency either. Not all economists are concerned about the loonie’s drop. The currency was rising previously and some specialists believe that the rally may resume after a small correction. USD/CAD rose from 1.0178 to 1.0186 and EUR/CAD advanced from 1.3149 to 1.3174 as of 1:31 GMT today. CAD/JPY went down from 100.56 to 100.23. If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

Canadian employment growth was below forecasts, making the Canadian dollar close lower against its US peer. At the same time, the currency closed flat against the euro and higher versus the Japanese yen. Canadian employers added 12,500 jobs in April from March, when employment shrank as much as 54,500.
The consensus forecast was at 14,800. The unemployment rate stayed at 7.2 percent as it was expected. The Canadian currency, which was already depressed by the drop of commodities, fell after the report. The loonie managed to gain against the yen, which was lower against all major currencies. USD/CAD went up from 1.0070 to the intraday high of 1.0151 and closed at 1.0105. EUR/CAD closed flat at 1.3125. Meanwhile, CAD/JPY advanced from 100.09 to 100.52 and its intraday maximum was of 100.95 was highest since September 2008. If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

Canadian dollar is heading lower today, dropping along with other commodity currencies. With commodities plunging, it is little surprise that currencies like the loonie are losing ground today. Commodity currencies are struggling today as gold and oil drop in trading. The Canadian dollar is losing ground along with other commodity currencies. Oil, a major export for Canada, and a major support for the loonie, is down more than two dollars a barrel today. As a result, the Canadian dollar is dropping against the US dollar and other major counterparts. It’s also not helping
that there are still questions about the Canadian economy. Worries about a housing bubble, as well as uncertainty over what happens with Mark Carney leaving the Bank of Canada, are also factors weighing on the loonie. It will be interesting to see what happens next with the Canadian dollar. The loonie was termed an official reserve currency earlier this year, but so far that designation doesn’t seem to be helping a whole lot. At 14:09 GMT USD/CAD is higher, rising to 1.0125 from the open at 1.0068. EUR/CAD is also higher, heading up to 1.3165 from the open at 1.3133. GBP/CAD is moving higher, gaining to 1.5587 from the open at 1.5555. CAD/JPY is higher, thanks to yen weakness, moving up to 100.3110 from the open at 99.9030. If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

The Canadian dollar climbed today, erasing earlier losses against the Japanese yen, as Canada’s employers added much more jobs than was predicted by analysts and as the unemployment rate unexpectedly dropped.

Canada’s employment increased by 82,000 jobs in March, following the decline by 2,800 jobs in February. That’s significantly above the expected change by 11,300 jobs. What’s more, the unemployment rate was expected to rise from 7.4% to 7.5%, but it fell to 7.2% instead. Another positive data was the growth of building permits by 7.5% in February, following the drop by 11.4% in January.


The loonie was under pressure as concerns about the problems with European debt were returning. Nevertheless, the positive domestic macroeconomic data, coupled with positive economic reports from the United States, outweighed any negativity that was present on the Forex market.

USD/CAD was down from 0.9960 to 0.9930 and EUR/CAD fell from 1.3089 to 1.2968 as of 23:12 GMT today. CAD/JPY advanced from 82.71 to 82.85, following the slump to 81.86.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

The Canadian dollar slipped as US nonfarm payrolls disappointed Forex market participants, rising far less than was expected, and on reemerging concerns about the debt problems in Europe.

US nonfarm employment advanced by 120,000 jobs in March. That’s not a bad figure by itself, but it’s significantly below the market expectations of 207,000. On the bright side, the increase in the preceding month was revised upwardly and the unemployment rate unexpectedly went down from 8.3 percent to 8.2 percent. Unfortunately for riskier assets, traders paid more attention to the negative part of the report, making them prefer safety over higher yield.


Europe also hurt risk appetite as the rising borrowing costs in Spain cause the speculation that the country may request a bailout. That hasn’t surprised market analysts as many of them predicted that the delay of a default in Greece would only shift attention of investors to other indebted nations.

USD/CAD rose from 0.9930 to 0.9968 and EUR/CAD was up from 1.2974 to 1.3048. CAD/JPY went down from 82.89 to 81.80, while the daily minimum of 81.51 was the lowest since March 8.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

The Canadian dollar erased its losses against its US counterpart as core inflation data was better than predicted and after prices for crude oil jumped. The currency was flat against the Japanese yen and fell versus the euro.

Annual consumer price inflation was 2.6 percent in February, while core inflation was 2.5 percent. Inflation was below forecast, while core inflation was above the predicted value. On month-over-month basis, the Consumer Price Index rose 0.4 percent last month, exactly as forecasters predicted, and core CPI also advanced 0.4 percent, slightly above forecasts.



Crude oil prices also provided a support to the loonie. Futures for delivery of crude oil in May gained $1.53 to $106.88 per barrel. Crude is the main export of Canada.

USD/CAD traded at 0.9976 as of 20:53 GMT today after earlier it advanced from 0.9993 to 1.0033 — the highest level since February 27. CAD/JPY was down from 82.61 to 82.49 after sliding to 81.83, the lowest since March 8. Meanwhile, EUR/CAD rose from 1.3184 to 1.3241 and the daily maximum of 1.3287 was the highest since February 29.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

The Australian dollar rose, erasing its previous losses, as stocks gained and prices for raw materials increased as market sentiment gradually turns to risk appetite and on the speculation that the Federal Reserve may reduce stimulus for the US economy.

James Bullard, President of the Federal Reserve Bank of St. Louis, thought that it may be time to drop the monetary easing:


With numerous monetary policy actions still on the table, and others still affecting the economy with a lag, it may be especially difficult to remove policy accommodation at the appropriate pace and at the appropriate time. One may want to approach such a situation with caution.

Bullard considered the US economy is recovering fast enough to exist without excessive stimulus. Fed Chairman Ben Bernanke wasn’t so optimistic about the recovery of the US economy and expressed his view:

Consumer spending is not recovered, it’s still quite weak relative to where it was before the crisis. In terms of debt and consumption and so on we’re still way low relative to the patterns before.

Crude oil gained on concerns about disruption of supplies from Iran. Metals, including gold, silver, platinum, and copper also advanced. The Aussie profited from the rally of commodities and also from expansion of carry trade as speculators were buying the yen to buy assets denominated in the Australian currency.

AUD/USD rose from 1.0395 to close at 1.0465. AUD/JPY went up from 85.85 to 86.16, following the drop to 85.17. EUR/AUD closed lower from 1.2689 to 1.2673, while earlier it advanced as high s 1.2754 — the highest rate since December 30.

If you have any questions, comments or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

Canadian DollarThe positive sentiment is still present on markets, allowing the Canadian dollar to rise, reaching the highest level since September against the euro.

The improving outlook for Europe was followed by the favorable news from the United States (the biggest trading partner of Canada). The US consumer confidence index improved from 40.9 in October to 56.0, ending its decline. The good sales during Thanksgiving holiday period were also positive.



The positive mood was felt almost everywhere. The Standard & Poor’s 500 Index gained 0.2 percent. The Standard & Poor’s/TSX Composite Index rose 0.6 percent. Futures on crude oil, the main export of Canada, advanced as much as 2.2 percent to $99.86 per barrel in New York.

USD/CAD was down from 1.0343 to 1.0303 today as of 21:14 GMT and the intraday low was 1.0257. EUR/CAD dropped from 1.3778 to 1.3736, falling for the fifth straight session, while earlier today it reached 1.3705 — the lowest prices since September 22. CAD/JPY went higher from 75.34 to 75.50.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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