The Canadian dollar declined versus the US dollar Thursday as US dollar surged and before the release of employment report for March.
Drastic plunge in oil prices since last summer has affected the Canadian economy, and the greenback touched its highest level in nearly three weeks as interest rate differentials with Europe broadened.
Today’s move was possibly the start of“another round of US dollar moves higher… the risky trade “was not to be long on the Canadian dollar,” said Brad Schruder, Director of Foreign Exchange Sales at BMO Capital Markets.
The loonie closed at C$1.2592 per greenback or 79.42 US cents, from Wednesday’s C$1.2538, or 79.76 US cents.
The material has been provided by InstaForex Company – www.instaforex.com