Canadian Dollar (CAD)

QUOTE AND NEWS
The Times of India  Dec 11  Comment 
Reserve Bank governor Raghuram Rajan on Thursday said the current account deficit (CAD), which has widened to $10.1 billion or 2.1 per cent of GDP in July- September period, is still at comfortable level although there are risks.
Wall Street Journal  Dec 11  Comment 
Lululemon Athletica said surging online sales helped the retailer deliver better-than-expected earnings in its November quarter, though the yoga gear-maker gave a disappointing outlook for the holiday quarter.
Wall Street Journal  Dec 11  Comment 
The Hindu Business Line  Dec 11  Comment 
CAD has widened... we will be watching the direction...It is hard to maintain restrictions for too long a period.
MarketWatch  Dec 10  Comment 
The dollar surges against the Norwegian krone, Canadian dollar and the ruble Wednesday as the U.S. Energy Information Administration and OPEC offers indications that oil supplies will likely continue to outstrip demand for the foreseeable future.
The Hindu Business Line  Dec 9  Comment 
The rupee closed weaker at 61.89 against the dollar as the country’s current account deficit (CAD) print for the second quarter showed a higher reading than in the previous quarter.
The Economic Times  Dec 9  Comment 
Analysts have allayed fears of widening current account deficit, which is 2.1% of GDP for the July-September period, and pegged it in the range of 1.4 to 1.8% for the full 2014-15 fiscal due to falling crude oil prices.
The Economic Times  Dec 9  Comment 
Jaitley said with country's forex reserve was comfortable and the Balance of payments under control, there was no cause for concern on the CAD front.
Commodity Online  Dec 9  Comment 
Merchandise imports increased by 8.1 per cent in Q2 of 2014-15 as against a decline of 4.8 per cent in Q2 of 2013-14, largely due to a sharp rise in gold imports.




RELATED WIKI ARTICLES
 

The Canadian Dollar (also known as "Loonie" [1]) is the currency of the Nation of Canada. It is denoted with a leading $, though in an international context the $ is often appended to a "C" to distinguish the currency from other dollars. For example, within the nation of Canada $69 is read "sixty-nine dollars," while in an international context the same value might be written C$69 and read "sixty-nine dollars, Canadian".

The chart at left shows the USD/CAD currency pair; the number of Canadian dollars equivalent to 1 U.S. Dollar (USD).

Forex Markets [1]

Trading Hours

The most active CAD trading hours are from CAD Economic news (7:00AM ET / 12:00 GMT) and US Economic News (8:30AM ET / 13:30 GMT)[1].

Key Currency Crosses

The 3 key currency crosses are

Things to know when trading the Canadian Dollar (CAD)

The prices of oil have enormous influence on USD/CAD because Canada is one of the world’s largest oil producers. Therefore when oil prices rise, it tends to drive the Canadian dollar higher and vice versa


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The 10 year chart of Oil vs. USD/CHF (inverted). The USD/CHF has been declining behind Oil price from Jul 2008 to Dec 2008. USD/CHF started to rise and exceed Oil price at the start of 2009

Nickname – The Canadian dollar frequently known as the “loonie.” This nickname comes from the image of a common loon, a well-known Canadian bird on one side of a one dollar Canadian coin.

Central Bank - The Bank of Canada conducts monetary policy meetings 8 times a year and their decisions on interest rates could have significant ramifications for the currency market. Mark Carney is currently the Bank of Canada Governor. He was appointed to the 7 year term in February 2008.

Most Active Trading Hours – We tend to see the most significant volatility in the Canadian dollar when Canada economic data is released which is usually at 7am ET (12:00 GMT) or 8:30am ET (13:30 GMT)

What Does the Economy Rely On? – Like many other major developed nations, the service sector in Canada makes up the largest percentage of GFT. However Canada is also one of the world’s few net exporters of energy and most important supplier of agricultural products. They also have the world’s second largest oil reserves.

Who Does the Economy Rely on for Trade? – Due to the geographical proximity, Canada’s most important trade partner is the United States, followed by the United Kingdom and China.

Market Moving Economic Releases – Central bank rate decisions are usually the most market moving indicators, which mean that they can create the greatest volatility for any currency followed by the employment report, the consumer spending and inflation reports.

The Canadian Economy

Key Facts

The Canadian Economy is comprised of 69.6% Services, 28.4% Industrial, and 2% Agriculture. It's largest trading partners are US, UK and China. Some other key facts about the Canadian Economy:

  1. US Consumes 80% of Canadian Exports
  2. Ninth Largest Oil Exporter
  3. Seventh Most Traded Currency
  4. Ninth Largest Economy in the World
  5. Large Logging and Oil Industries

General Economic Statistics

2008 GDP EstimateUSD $1.56 Trillion
Population:33.5 Million
Interest Rate*0.25%
Inflation**1.20%
Trade Balance***CAD $1.10 Billion

Market Moving Economic Releases

  1. BoC Rate Decision
  2. IVEY PMI (Purchasing Managers Index)
  3. Retail Sales
  4. Consumer Prices
  5. Employment Change
  6. GDP (Gross Domestic Product)
  7. Trade Balance

References

  1. 1.0 1.1 1.2 FX360.com, Japanese Yen (JPY) Factsheet by Kathy Lien
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