Canadian Dollar Higher in Forex Trading
by Trader Rich
Loonie slightly higher in currency trading
The Canadian dollar is slightly higher in forex trading, moving a little bit higher on the strength of a weaker US dollar. The loonie is gaining as US dollar sinks under its bad news.
Additionally, loonie is being supported by oil prices right now. Oil prices are a little bit higher, and that is helping the Canadian dollar hold its gains — even though risk aversion is setting in and would normally lead to losses for the loonie.
For now, though, Canadian dollar is just managing to hold its gains. It will be interesting to see how long it lasts. Poor economic data in the US, and renewed worries about Greece are likely to result in risk aversion soon.
- What’s Next for the Loonie?
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