The Loonie was hit this morning by a strong US dollar and Mario Draghi from the European Central Bank was more dovish than usual in his press conference speech this morning, which means a weaker Euro. This situation is influencing other major currencies in addition to the US dollar, such as the Canadian dollar and Australian dollar. At the time of this writing, the USD/CAD pair rose 0.17 percent, touching an intraday high of 1.3375.
One of the main drivers of the Loonie, the crude oil WTI, is still trading sideways, with market participants taking profits after the recent bounce from 42 dollars the barrel in December to around 54 dollars on Monday this week. The U.S. oil prices are still under pressure as investors remain focused on global economic-growth concerns and how a slowdown might put a dent in demand for oil.