Oil Price weighs Canadian Dollar Trading

From Bloomberg:

Canada’s dollar traded near the lowest in a week versus its U.S. counterpart as retreats by oil and stocks damped the attraction of higher-yielding assets.

“People are getting out of riskier trades,” said Philippe Denolf, a currency trader at Laurentian Bank of Canada in Montreal. “The correlation remains intact between stocks and the Canadian dollar. Oil is off as well. All these things are making the Canadian dollar less attractive.”

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza