Loonie Weaker on Faltering Oil Prices

The Canadian dollar – known as the “loonie” – lost ground to the US dollar today as oil prices fell as investors wait for key economic news from the US. The loonie fell 0.2 percent to C$1.0577 per U.S. dollar at 8:07 a.m. in Toronto, from C$1.0556 yesterday. One Canadian dollar buys 94.56 U.S. cents.

“This looks like a general market move, and crude is volatile,” said Bank of Nova Scotia’s Sacha Tihanyi, whose firm is Canada’s third-largest lender. “We await U.S. GDP to see if we get some Canadian dollar support off of it, if it’s positive.”

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.