The Canadian dollar is struggling against the US dollar in Forex trading today. Indeed, the loonie is one of several currencies dropping against the dollar as Forex traders look for safe haven in these difficult and disappointing times. With Chinese growth slowing, and the European sovereign debt crisis still in full effect, Forex traders are starting to get nervous about what’s next.
This nervousness is leading to gains for the US dollar, which continues to climb against the Canadian dollar. Even though the latest economic data shows that Canada’s economy grew in July, there are still very real concerns about how a general economic slowdown, led by China and the US, could affect the Canadian dollar. Loonie is down by levels not seen in nearly a year against the greenback.
At 13:07 GMT, USD/CAD is at 1.0441, up from the open at 1.0362. The Canadian dollar is also down against the UK pound, with GBP/CAD at 1.6272, up from the open at 1.6195. It is worth noting that US dollar is up against most major currencies today, on safe haven demand, with EUR/USD lower at 1.3467, down from the open at 1.3598.