The Canadian dollar scored moderate advances versus the US dollar Monday, as the latter declined against major counterparts and oil prices bounced.
But in a late session, the greenback’s surge surpassed the loonie’s early gains.
There was a knee-jerk response to attain profits on the US dollar longs… “one bad apple doesn’t really spoil the basket. You still had very strong job creation out of the US in 2014,” said Bipan Rai, Director of Foreign Exchange Strategy at CIBC World Markets.
The loonie closed at C$1.2478 per greenback or 80.14 US cents, from Friday’s C$1.2496, or 80.03 US cents.
Since Good Friday, trading has been thin as majority of markets in Europe and the United States closed for Easter holidays.
The material has been provided by InstaForex Company – www.instaforex.com