1:25 م
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Canadian dollar is moving a little higher right now, thanks to an appearance by risk appetite. Loonie had been dropping earlier this week on concerns about global economic growth, but now there is a little more optimism, thanks to the latest news out of Spain.
Instead of fixating on global economic issues, investors and Forex
traders are now turning their attention toward the possible good news
coming out of the eurozone.
Spain has announced that it will reveal a reform plan next week. This
news has the optimism back, and that is helping high beta currencies
like the Canadian dollar.
Also helping the loonie right now is the fact that oil prices are
showing a little more fight than they were earlier. This week, thanks
to global economic concerns, oil prices had been dropping. Today they
are turning around a little bit. Canada is very closely tied to oil
prices, and the loonie is gaining a little bit of support from
the improvement in oil prices today.
There are still plenty of worries about what’s next for the global
economy, so volatility is still to be expected. But for now the Canadian
dollar is making progress against the US dollar.
At 13:30 GMT USD/CAD is dow to 0.9747 from the open at 0.9768.
EUR/CAD is up to 1.2682 from the open at 1.2661. GBP/CAD is up to 1.5872
from the open at 1.5831.
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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