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Canadian dollar looks mixed as crude oil rally runs out of steam

Canadian dollar daily update

BY DEB SHAW | 

Canadian dollar daily update

The Canadian dollar is currently mixed - the currency is higher against the yen and the euro, while selling off against the US dollar. Looking at global risk appetite, crude oil and most global stock markets are trading lower today. WTI ran out of steam around $62.50 a barrel and is currently down to $62.03. Thanks to issues with the Keystone pipeline, Canadian crude exports have been limited this week according to reports from Reuters. Turning to stock markets, Asian stock markets ended the day lower today while European markets are slightly higher. In general, risk sentiment appears to be waning after the rebound that began in the second week of February. Looking at NAFTA headlines, Canadian Foreign Affairs Minister Chrystia Freeland has stated that the automotive sector remains the biggest stumbling block. Freeland's proposals were rejected by her American counterpart during previous talks held in Montreal. Our short-term outlook on the Canadian dollar is neutral, while our medium-term outlook remains bullish.                 

The USD/CAD exchange rate is currently above 1.2590. The euro is down against the Canadian dollar, with EUR/CAD currently above 1.5560. The pound is flat against the Canadian dollar, with GBP/CAD trading above 1.7580.

This is a fairly light week for Canadian economic data. On Thursday, we’ll see retail sales. Friday is the key day, and we’ll get the January consumer price index and core CPI. Last week, manufacturing sales missed estimates by a wide margin.

Updated 
Outlook
Bearish

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