Forex: USD/CAD weakens in European trading

on Jul 4, 2013
Listen Thursday July 4th:_ During the Asian session today the greenback gained ground against the Canadian dollar and in early European trading the USD/CAD rose to 1.0521, an intraday high so far. Currently though, the pair is trading slightly lower than at any time in the past four days, hovering around 1.0509.

Canada’s trade deficit for May was reported yesterday and unexpectedly narrowed to C$303 million, well down on the C$951 million shortfall in April, with the 3.2 percent fall in merchandise imports more than offsetting the 1.6 percent decline in exports.

Yesterday the pair traded between 1.0562 high and 1.0496 low.
The loonie has been under pressure since Canada’s disappointing GDP update last Friday. The economy expanded by just 0.1 percent in April, failing to match the 0.2 percent growth in March and, although better than the expected flat reading, the lowest rate of expansion in four months.
Traders now await Canada’s Net Change in Employment, Unemployment Rate and Participation rate, all for June, which are due to be released tomorrow at 13:30 BST.


Looking to capitalise on rising & falling USD, GBP, EUR rates? Trade forex in minutes with our top-rated broker, eToro.


77% of retail CFD accounts lose money.

Featured Broker

Looking to invest?

Invest and trade CFD stocks, ETFs, digital assets & commodities in minutes with our highest-rated broker.

Trade forex

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

CAD Forex