The Currency Converter

Currency News: The Canadian Dollar Update

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

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