The euro to Canadian dollar exchange rate is 0.244% higher on the day with 1 EUR = 1.3677 CAD at 10 AM in London. The pound to Canadian dollar exchange rate is 0.351% higher with 1 GBP = 1.5694 CAD. The Canadian dollar to the US dollar exchange rate is 0.115% higher with 1 CAD = 1.0433 USD. Concerns over the state of the US economy continue to mount, and this continues to prove to be problematic for the Canadian dollar. The pound continues to make ground against the Canadian dollar on this basis. In addition the price of Brent crude has also declined down towards $115 per barrel; the movement of oil prices is another key factor to watch when understanding this 'commodity currency'. Take a look at how a fellow commodity currency, the Australian dollar, is performing. Taken in tandem with last week’s poor monthly Canadian GDP figure, the US economic downturn story is really weighing on the loonie’s appeal. On top of this, the market remains very nervous about the eurozone debt crisis. The pound to Canadian dollar is trading at 1.5650 and direction today could well be provided by this afternoon’s fundamental data. Again risk aversion could be the theme of the day.

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