1:21 م
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Canadian dollar is struggling today, working to hold ground against the US dollar as risk aversion sends high beta currencies lower today. Loonie is one of those that is down against the greenback, but the Canadian currency has been making moves to steady itself.
After reaching 13-month highs at the end of last week, the last two
days have not been kind to the Canadian dollar. The euphoria over
unlimited quantitative easing in the United States and the ECB
bond buying program has faded. Now, the focus is back on a slowing
global economy, and the problems that countries like Spain and Portugal
could cause for the eurozone.
With risk appetite fading, the Canadian dollar is pulling back
as well. Oil prices have tanked and are not offering any support,
and uncertainty means that Forex traders aren’t interested
in the slightly riskier loonie when they can have the safe haven
of the United States dollar. Loonie has managed to stop its headlong
fall, and steady itself against the greenback, but it could still lose
ground again
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