The Currency Converter

Archive for the ‘Canadian Dollar’ Category

Currency News: The Canadian Dollar Update

Tuesday, November 23rd, 2010

A mixed day for the ‘loonie’, losing over 0.3% against the USD on falling oil prices but climbing against both the pound and single currency on the political and economic uncertainty around the markets.

News of a slowdown in China to combat inflationary pressures did not help the ‘loonie’ as it dampened demand prospects for energy prices. This may prevent the Reserve Bank of Canada from increasing interest rates in Canada in the short term leaving the ‘loonie’ vulnerable to reverses if energy prices falter due to flickering demand.

Written by Tony Redondo

Canadian Dollar Exchange Rate News

Monday, November 22nd, 2010

The Canadian Dollar declined for a second consecutive week against the U.S Dollar and also struggled to gain support versus the majority of the 16 most actively traded currencies, as the biggest five-day decline in crude oil prices reduced demand for assets related to economic growth. The ‘Loonie’ also lost ground, amid speculation that the recovery in the U.S economy, Canada’s biggest trading partner, is losing momentum. China’s decision to cap growth will encourage the Bank of Canada to keep interest rates lower for an extended period. Retail sales in Canada is also expected to increase at a slower pace in September.

Written by Adam Solomon