Loonie Softens as Investors Take Profits (CAD)

22 ноября 2016, 23:00
Oleh Yemeliukov

The Canadian dollar was slightly lower as investors take profits on the US dollar amid thinning liquidity ahead of the upcoming US Thanksgiving holiday. The US dollar was recently at C$1.3449 from C$1.3417 late Monday, according to data provider CQG. The greenback rose as much as C$1.3468 Tuesday. Oil prices softened also adding downward pressure on the loonie, which was one of the key underperforming currencies against the US dollar Tuesday. While volatility will likely slow to a crawl this week as investors take leave ahead of Thanksgiving, Scotiabank expected the US dollar to end the year at C$1.36 from a previous forecast of C$1.33 given the mounting expectations of a Fed rate hike next month and a sluggish domestic economy over the next year.

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