Loonie almost unchanged versus Greenback

06-29-2009 14:33

The Canadian Dollar indicates to a month-to-month fall and hardly moved against the US Dollar, due to the holiday week in the US and in Canada further on this week, which decreased trading intensity. “Both the US and Canada are being dominated by a holiday week, which results in extremely awful liquidity,” commented Firas Askari, chief currency trader in Toronto at BMO Capital Markets, a division of one of Canada’s major lenders.

Today at 7:55 ante meridiem local time in Toronto, the Loonie, as the Canadian currency commonly is called, reached a level of C$1.1523 per American Dollar versus last Friday’s C$1.1524. The Canadian currency dropped 5.6% from May 29, when it traded at C$1.0915, while at the moment one Canadian Dollar values 0.8678 US Dollar.

“At short notice and in general the pair seems to lack a clear direction, floating between C$1.14 and C$1.16,” stated Sacha Tihanyi in a memo directed at Scotia Capital’s clients, a division of Canada’s third largest bank by deposits and market capitalization.