The Canadian dollar on Monday devitalized against a surging US dollar on expectations the Federal Reserve will raise interest rates this year and as investors turn their attention to the Bank of Canada’s rate decision on Wednesday.
What will move the currency forward are going to be two major drivers: “what the Bank of Canada is going to do and what the Fed is going to do,” said Bipan Rai, Director of Foreign Exchange Strategy at CIBC World Markets.
The loonie closed at C$1.2535 per greenback or 79.78 US cents, from Friday’s C$1.2496 or 80.03 US cents.
Rai added the currency might revisit the C$1.28 level reached in January, the loonie’s lowest against the US dollar in almost six years.
Meanwhile, crude oil price has been pressured because of excess supply and lukewarm demand.
The material has been provided by InstaForex Company – www.instaforex.com
The Canadian dollar on Monday devitalized against a surging US dollar on expectations the Federal Reserve will raise interest rates this year and as investors turn their attention to the Bank of Canada’s rate decision on Wednesday.
What will move the currency forward are going to be two major drivers: “what the Bank of Canada is going to do and what the Fed is going to do,” said Bipan Rai, Director of Foreign Exchange Strategy at CIBC World Markets.
The loonie closed at C$1.2535 per greenback or 79.78 US cents, from Friday’s C$1.2496 or 80.03 US cents.
Rai added the currency might revisit the C$1.28 level reached in January, the loonie’s lowest against the US dollar in almost six years.
Meanwhile, crude oil price has been pressured because of excess supply and lukewarm demand.
The material has been provided by InstaForex Company – www.instaforex.com
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