With recession fears looming, what comes next for the loonie?
Global News
As stock markets and commodities like oil ride a trade war roller coaster, the Canadian dollar has been showing resilience inching back above 70 cents USD. Where will it go next?
As stock markets and commodities like oil ride a trade war roller coaster, the Canadian dollar has been inching back up after a dip and hitting as high as 71 near the end of the trading day on Wednesday.
Can it last?
The Canadian dollar has been reacting to the dips and shocks of the stock market chaos brought on by U.S. President Donald Trump’s trade war.
Let’s dive into what’s behind the loon’s strength right now, and what it means for the Canadian economy.
The value of the Canadian dollar has been somewhat low at about 70 cents USD, but it has slowly been inching back up, gaining nearly a full cent at one point Wednesday.
This comes as stock markets roil and commodities like oil hit a four-year low over the U.S. global tariffs, and the loonie, while not immune to changes, has so far managed to tread water in the storm.
With the future anything but certain, what do the economic headwinds mean for average Canadians who want to get the most bang for their buck?
Well, like many economic components, there are a lot of contributing factors to where the loonie goes.
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