Canadian Dollar Softens in Forex Trading
by Trader Rich
Loonie lower in currency trading
The Canadian dollar is softening today, heading a little bit lower as disappointment with US retail data affects high beta currencies. The US is one of Canada’s main trading partners, so less than great retail sales data in the US means trouble for Canada.
Even though the loonie softened quite a bit earlier in trading, it has since pared many of its losses. Canadian dollar is being somewhat supported with the help of large purchases of the loonie against Japanese yen, as well as bracing news out from the ZEW.
Additionally, oil prices are rising, and that should also help support the Canadian dollar somewhat. Loonie is still down against the greenback, but the gap has closed quite a bit since earlier.
- Loonie in Forex Trading
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