FRX:Forex: Canadian Dollar Attempts Recovery Against US Dollar
The Canadian dollar has been trading sideways today, after falling on yesterday’s session due to decline in crude prices. Crude oil prices tumbled yesterday after the International Energy Agency made a statement about its plans to release oil from the strategic reserves. The prices were also impacted adversely on prospects of larger production/output from Saudi Arabia. Crude futures for August delivery lost $5.72 to trade at $89.69 per barrel, before advancing to $92.35.
The Loonie has been attempting to recover against the US dollar on speculations that the EU leaders may approve Greece’s austerity plans. USD/CAD tumbled to 0.9781 at about 4:36 GMT today, after it rose to 0.9787 on yesterday’s session. EUR/CAD traded around 1.3949, following a drop to 1.3952 yesterday.
