Loonie in currency trading
The Canadian dollar is struggling in forex trading on the currency market today. Choppy trading marks CAD/USD as economic news out of the U.S. sends waves of uncertainty through the financial markets.
While the loonie has been struggling to hold on in currency trading, it looks as though it might succumb. The dollar is rising as forex traders look for a safe haven amidst the concerns about the future of the U.S. economy after rising jobless claims and Bernanke's disappointing economic forecast.
Additionally, the Canadian dollar is likely to suffer as oil price drop. The Canadian dollar is connected to oil prices, and with oil prices heading back toward $90 a barrel, it appears that the loonie will have trouble.
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