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.
At 13:00 GMT USD/CAD is down to 0.9745 from the open at 0.9747. GBP/CAD is down to 1.5839 from the open at 1.5841. EUR/CAD is down to 1.2737 from the open at 1.2773.
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