- The Canadian Dollar edges up after a sharp sell-off on Thursday.
- A sharp correction in the oil price dragged the Canadian Dollar.
- The US Dollar plummeted on Thursday after hawkish commentsby from global central banks.
The Canadian Dollar (CAD) trades marginally higher against its major currency peers in the Asian trading session on Friday. The USD/CAD pair ticks down to near 1.3735 in an attempt to regain ground after a sharp underperformance on Thursday, which was driven by weakness in the Oil price, but is still close to its over two-week high of 1.3748.
Canadian Dollar Price Today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.20% | 0.12% | 0.28% | -0.07% | 0.06% | -0.13% | 0.05% | |
| EUR | -0.20% | -0.08% | 0.09% | -0.26% | -0.13% | -0.33% | -0.14% | |
| GBP | -0.12% | 0.08% | 0.19% | -0.19% | -0.06% | -0.25% | -0.06% | |
| JPY | -0.28% | -0.09% | -0.19% | -0.34% | -0.23% | -0.41% | -0.21% | |
| CAD | 0.07% | 0.26% | 0.19% | 0.34% | 0.12% | -0.06% | 0.13% | |
| AUD | -0.06% | 0.13% | 0.06% | 0.23% | -0.12% | -0.19% | -0.00% | |
| NZD | 0.13% | 0.33% | 0.25% | 0.41% | 0.06% | 0.19% | 0.19% | |
| CHF | -0.05% | 0.14% | 0.06% | 0.21% | -0.13% | 0.00% | -0.19% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
Given that Canada is the largest exporter of oil to the United States (USD), the scenario of a correction in the oil price weighs on the Canadian Dollar.
WTI oil price has retraced sharply to near $92.50 after failing to return above $100 as US President Donald Trump has told Israeli Prime Minister Benjamin Netanyahu not to repeat attacks on Iranian energy infrastructure, Reuters reports. Trump also clarified that he was not aware that Tel Aviv would be launching attacks on the South Pars gas field, which is the world’s largest gas field.
In addition to that, signs of readiness from European nations and Japan to contribute to unblocking passage if energy products through the Strait of Hormuz have also weighed on the oil price.
This week, the Canadian Dollar remained heavily volatile amid the Bank of Canada’s (BoC) monetary policy announcement on Wednesday, in which it left interest rates unchanged at 2.25%.
In Friday’s session, investors will focus on the Canadian Retail Sales data for January, which will be published at 12:30 GMT. Month-on-Month Retail Sales are estimated to have grown 1.5% after declining 0.4% in DECEMBER.
Meanwhile, the US Dollar (USD) gains slightly after a sharp sell-off on Thursday. As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is up 0.2% to near 99.35. On Thursday, the USD Index declined over 1% to near 99.00.
The US Dollar came under pressure after monetary policy announcements by the Bank of Japan (BoJ), the Bank of England (BoE), and the European Central Bank (ECB), in which they delivered a hawkish commentary on the interest rate outlook, which diminished fears of policy divergence with the Federal Reserve (Fed).
