Canadian dollar seen continuing strong
It may be deemed overvalued by some observers, but the Canadian dollar nonetheless is expected to remain strong for at least the next couple of years.
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Tag Archives: Loonie
Oil prices to be a ‘neutral driver’ of the loonie in 2013: Scotiabank
Canada’s dollar has increasingly been viewed as a petrol currency over the last few years, but an analyst at Scotiabank expects oil will be a “neutral driver” of the loonie next year.
The loonie has been slapped with the petrol term because it tends to do well in periods when the price of oil is strong, which in turn boosts the Canadian economy. But Camilla Sutton, chief currency strategist at Scotiabank, sees strong oil prices both hurting and benefiting the loonie in 2013.
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Loonie poised to join elite group of global reserve currencies
Canada’s triple-A credit rating, stable economy and resource riches have made the loonie increasingly enticing to foreign central banks.
Now the International Monetary Fund appears poised for the first time to include the Canadian dollar in an elite group of global reserve currencies.
The IMF quietly endorsed a staff report this month that recommends that both the Canadian and Australian dollars “be considered for inclusion” in the short list of currencies that it tracks in a quarterly report on central bank reserves.
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Loonie strong due to economy: Jim Flaherty
The appreciation of the Canadian dollar reflects the strength of Canada’s economy and commodity markets, the country’s finance minister said on Saturday, indicating comfort with the currency’s value.
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