2 May 2011
2 May 2011
The Canadian dollar goes down
| Recently the Canadian dollar closed a bit lower. It happened right after the news about Osama bin Laden’s death. In addition to it, traders are waiting for the possible outcome of Monday’s federal election. Loonie fell by 0.49 of a cent and stopped at 105.17 cents US. It’s interesting to note that the decline came at the end of an election campaign. According to Scotia Capital chief currency strategist Camilla Sutton, the majority of the opinion polls showed a Conservative minority as the official opposition. |
“It’s quite possible that a strengthened NDP (New Democratic Party) position may affect the Canadian dollar, because the market will worry about further political unstable situation and the next changes”.
This time the dollar wasn’t supported by oil prices – they turned out to be extremely volatile again after bin Laden’s passing. It should be noted that June contract on the New York Mercantile Exchange was closed at lower prices: US$113.52 for a barrel (it’s down by 41 cents). The prices varied from US$110.82 to US$115 a barrel and the recent tendency gives hope for weakening al-Qaida’s ability to attack and destabilize the Middle East.