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Oil Weighs Heavily on Canadian Dollar

By , October 16, 2014 4:23 am

All the Canadian dollar bills denominationsCanadian dollar continues to struggle, thanks in large part to falling oil prices and stock prices. The loonie reached a five year low against the greenback earlier, and it appears that the struggle is likely to continue.

Oil prices have been losing steam recently, and crude oil is seeing its lowest level in quite some time. Currencies that rely on oil prices, like the Canadian dollar, are hard hit by this reality. Indeed, the loonie has lost quite a bit of ground against the greenback in recent days.

Not only are oil prices weighing on the Canadian dollar, but lower stocks are causing problems, too. There is a general flight away from risk and uncertainty, and the Canadian dollar is often associated with a certain degree of risk. Now, with oil dropping and stocks struggling, there isn’t a whole lot to bear the loonie up — especially since some are still concerned about policy divergence with the United States.

It’s been a brutal couple of days, and it doesn’t look as though things will turn around dramatically any time soon.

At 10:20 GMT USD/CAD is up to 1.1360 from the open at 1.1255. EUR/CAD is down to 1.4453 from the open at 1.4449. GBP/CAD is up to 1.8151 from the open at 1.8030.

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

Forex News

Canadian Dollar Loses Steam After Initial Gains

By , October 10, 2014 3:01 pm

LooniesThe Canadian dollar advanced today with the help of an impressive employment report that beat analysts’ projections by a wide margin. The currency retained its gains against the euro but was unable to maintain the rally versus the the US dollar and yen and will likely close below the opening level against these currencies.

Canada’s employment data, unlike Australia’s one, was really good, helping the loonie to log gains. Canadian employers added a whooping 74,100 jobs in September, much more than was predicted by experts — 18,700. Growth was registered both in full-time and part-time employment, and full-time jobs were the major contributor to the general increase of employment. As a result, the unemployment rate unexpectedly fell from 7.0 percent to 6.8 percent.

The positive data may prompt the Bank of Canada to review its plans for monetary policy. The BoC was talking about weakness of the labor market as a sign of slack in economic growth, but today’s report gives hopes for traders with bullish bets on the loonie that the central bank may consider monetary tightening earlier than was expected previously.

USD/CAD declined from 1.1185 to 1.1160 intraday but bounced to 1.1212 as of 19:27 GMT today. CAD/JPY fell from 96.41 to 96.11 following the rally to 96.67. At the same time, EUR/CAD was down from 1.4193 to 1.4145.

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

Forex News

Canadian Dollar Keeps Huge Gains

By , September 16, 2014 7:35 pm

Canadian coins on Canadian dollar billsThe Canadian dollar was little changed today following yesterday’s big jump. The rally was caused by both domestic fundamentals and developments on the global markets that were largely beneficial for the loonie.

Canadian manufacturing sales jumped 2.5 percent in July to a new record. Bank of Canada Governor Stephen Poloz voiced hope for revival of exports, particularly energy products. As an echo of such outlook, prices for crude oil, the major Canada’s export commodity, rose to the highest level in two weeks.

The Canadian currency was also riding higher on the back of the US dollar’s weakness. The greenback retreated as market participants started to speculate that the monetary policy statement, released today by the Federal Reserve, will not be especially hawkish, keeping the pledge to maintain interest rates low for a “considerable time”.

USD/CAD traded at about 1.0980 as of 1:58 GMT today after sinking from 1.1054 to 1.0968 at the previous trading session. EUR/CAD was near 1.4221 following the slump from 1.4304 to 1.4214. CAD/JPY traded at 97.67, close the highest level since January 7, at the current session after jumping from 96.94 to 97.65 yesterday.

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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Canadian Dollar Pulls Back a Bit After Housing Starts Data

By , September 11, 2014 3:32 am

LooniesThe latest housing starts data was a bit disappointing, and the result offset some of the better news out of Canada about building permits. Concerns about the housing market continue to weigh, and the continued pressure on oil prices isn’t helping the loonie, either.

Loonie is a little bit lower against many of its counterparts today, thanks to the latest housing data. While the losses are quite tiny, they are still there, and a lot of it has to do with the fact that housing starts came in below expectations.

The disappointment in housing starts couldn’t quite be overcome by the reports from Statistics Canada that building permit growth beat expectations. There are a lot of jitters in the market right now, and that makes it difficult for the loonie to gain the upper hand.

Canadian dollar is also under pressure from oil prices. Once again, oil prices are lower today. Loonie is a commodity currency connected to oil, and dropping prices don’t do much to provide support. Other jitters are resulting from the upcoming Scottish independence vote.

At 10:16 GMT USD/CAD is up to 1.0988 from the open at 1.0937. EUR/CAD is also higher, gaining to 1.4196 from the open at 1.4128. GBP/CAD is up to 1.7843 from the open at 1.7730.

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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Canadian Dollar Bounces, Rises for Third Session vs. Yen

By , September 9, 2014 9:36 pm

Sir Robert Borden on 100-dollar billThe Canadian dollar bounced today, trimming yesterday’s losses versus its US peer and the euro. The currency also extended its rally versus the Japanese yen for a third straight session.

The loonie will likely have hard times keeping gains considering that fundamentals are not particularly supportive for the currency. Sluggish global economic growth and weak commodity prices are not helpful for the growth-related Canadian currency. Additionally, the Bank of Canada is not likely to raise interest rates in the near future, while prospects for tighter monetary policy from the Federal Reserve should continue to push the US dollar against other currencies, including the Canadian dollar.

Yesterday’s economic data from Canada was not helpful either. The monthly seasonally adjusted annual rate of housing starts was at 192,368 in August, down from 199,813 in July. It was below the median forecast of 197,000.

USD/CAD fell from 1.0983 to 1.0978 as of 3:00 GMT today after reaching the low of 1.0958 intraday. EUR/CAD declined from 1.4210 to 1.4192. CAD/JPY rose from 96.67 to 96.83.

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

Earlier News About the Canadian Dollar:

Forex News

Canadian Dollar Retain Strength

By , August 28, 2014 4:50 am

Canadian coins on Canadian dollar billsLoonie is retaining some of its recent strength in Forex trading, logging gains on the Burger King plan to buy Tim Hortons, as well as getting some help from expectations for positive economic data, due out tomorrow.

Canadian dollar is getting a boost from high expectations right now. While some believe that the loonie is overvalued, right now the currency is doing reasonably well against most of its major counterparts.

Loonie got a big boost yesterday, thanks in large part to the news that Burger King is planning to buy coffee and donut chain Tim Hortons. The deal will go down in Canadian currency, so many expect demand for loonies to rise on the international market.

Additionally, the Canadian dollar is gaining some strength from the hopes for good data tomorrow. Many currency traders and analysts expect Statistics Canada to release a GDP report for June that shows a solid increase. Expectations for the loonie are high.

Canadian dollar might not retain this strength, though. Risk appetite is likely to fade on news from Ukraine, and some think loonie is overvalued.

At 11:18 GMT USD/CAD is down to 1.0855 from the open at 1.0865. EUR/CAD is down to 1.4313 from the open at 1.4334. GBP/CAD is down to 1.8009 from the open at 1.8010.

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

Forex News

Canadian PM: ISIS Like the Taliban

By , August 22, 2014 5:01 pm

Canada’s Prime Minister, Stephen Harper. (photo: REUTERS/Chris Wattie).OTTAWA — Prime Minister Stephen Harper is pointing to the past to warn about the threat posed by ISIS.

“It’s not very difficult for me to point out what our concerns are,” Harper told reporters Thursday in Whitehorse, Yukon, on the first stop on his annual northern tour.

“You have now a caliphate, an unrecognized terrorist state, occupying a large territory from Aleppo to Baghdad,” he said. “This is not unlike what we had in 2002 with the Taliban, you essentially had a terrorist organization establishing a form of governance and using the territory as a training ground for terrorists and that obviously is a very big concern to all of us.

“On top of all of the other things you’re seeing, the violence, really unspeakable barbarism that is occurring all over the territory and they are really committing genocide against people they see as different. These are shocking developments.”

Harper also said Canada is in conversations with the United States on the next steps to take in targeting the terror group.

KINSELLA: Don’t let ISIS in The US has been targeting ISIS with airstrikes since early August.

On Tuesday, Harper called the terror group’s beheading of American journalist James Foley “barbaric” and warned that ISIS – which has taken over large parts of northern Syria and Iraq – posed a threat to Canada and the world, not just the Middle East.

Last week, Canada deployed military transport planes and personnel to deliver military supplies to Kurdish forces fighting ISIS alongside Canada’s commitment to providing humanitarian aid.

Both the NDP and Liberals say they support expanding Canada’s humanitarian role in Iraq and Syria, and called on the government to admit more refugees from the region.

Canada has resettled more than 1,430 Syrian refugees and a spokesman for Immigration Minister Chris Alexander said the government is ” is reviewing an additional request for Syrian resettlement” from the United Nations as part of their broader response to the regional crisis.

The Taliban is the Islamist fundamentalist movement that spread throughout Afghanistan beginning in the mid-1990s and later offered safe haven to al-Qaida and Osama bin Laden.

Assyrian International News Agency

Canadian Employment Weighs on Loonie

By , August 12, 2014 7:55 am

LooniesCanadian employment news is weighing on the loonie today, prompting it to trade mixed as it loses ground to the US dollar. Falling oil prices aren’t helping the Canadian dollar, either.

There isn’t a whole log to support the Canadian dollar today. Right now, the loonie is trading mixed, but it is lower against the US dollar. The latest employment data shows a disappointing trend in Canada. Full-time jobs have been decreasing over time, being replaced by part-time jobs.

This trend is weighing on the Canadian economy, and causing some to wonder why the loonie has been somewhat strong recently.

Also weighing on the Canadian dollar is the fact that oil prices are down again. Prices remain below the $ 100 a barrel level, and oil is lower today in general. As a major support of the Canadian economy and the loonie, oil is important.

With all of this, plus a bit of uncertainty favoring low-beta currencies, it’s not much of a surprise that the loonie is struggling a bit today in Forex trading.

At 13:29 GMT USD/CAD is up to 1.0934 from the open at 1.0921. GBP/CAD is also higher, moving up to 1.8351 from the open at 1.8333. EUR/CAD is lower, though, falling to 1.4607 from the open at 1.4618.

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

Forex News

Canadian Dollar Mostly Unchanged

By , August 4, 2014 9:26 am

Canadian coins on Canadian dollar billsCanadian dollar is mostly unchanged today, making no major moves higher or lower against its major counterparts. After last month, it appears that there is some consolidation in the currency market as Forex traders consider their options and think about the most recent data.

Loonie is rangebound and a bit mixed today, thanks in large part to a pause taken as a new month gets underway. US data wasn’t quite as strong as expected at the end of last week, and that has the month-long rally for the greenback coming to a close. Even so, though, the US dollar is still slightly higher against the loonie.

Canadian dollar is trading mixed against European currencies as well. Even though Canada has been seeing something of a slowdown in growth, and the Bank of Canada hasn’t been forthcoming about what’s next, many still see Canada as a better choice than the eurozone right now.

Oil prices are slightly higher today, which might help the loonie, but they are still well below highs seen in recent months.

At 14:01 GMT USD/CAD is slightly higher, up to 1.0924 from the open at 1.0321. EUR/CAD is a little bit lower, dropping to 1.4660 from the open at 1.4664. GBP/CAD is higher, gaining to 1.8396 from the open at 1.8378.

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

Forex News

Data from United States Undermines Canadian Dollar

By , July 30, 2014 9:40 am

Many 100-CAD notesThe Canadian dollar dropped against its US counterpart today, reaching a lowest level in more than a month, pressured down by signs of economic growth in the United States. The currency also retreated against the euro but managed to log gains versus the Japanese yen.

US economy expanded 4 percent in the second quarter of this year, faster than was expected. It is not necessarily bad for the Canadian currency in a long run as the United States is the biggest trading partner of Canada, meaning that economic expansion in the USA leads to improving prospects for Canada’s exports. Yet for now Forex traders are selling commodity-related currencies, such as the Australian and the Canadian dollars.

As for economic news from Canada itself, indicators were somewhat mixed. The Raw Materials Price Index rose 1.1 percent in June, mainly driven by higher prices for crude energy products. At the same time, the Industrial Product Price Index slipped 0.1 percent.

USD/CAD jumped from 1.0852 to 1.0908 as pf 15:21 GMT today, trading near the highest rate since June 10. EUR/CAD advanced from 1.4550 to 1.4592. CAD/JPY edged higher from 94.06 to 94.27.

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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