USD/CAD Loonie Slides After Oil Drop

The Canadian dollar weakened against the U.S. dollar on Monday as volatile crude prices
retreated and as investors positioned for month-end trading and ahead of a busy week for economic data.

Oil prices slid after staging their biggest two-day rally in six years last week, on renewed worries over excess supply and China’s slowing economy.

After a quiet period on the economic data front, investors are turning their attentions to this week’s Canadian data including second quarter growth data on Tuesday, trade balance figures for July on Thursday, and job numbers for August from both sides of the border on Friday.

via Reuters

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 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