Canadian Dollar Loses Ground in Forex Trading

Loonie lower in currency trading

The U.S. dollar is gaining against many major currencies after falling short earlier. The Canadian dollar is losing some ground in forex trading after seeing success against the greenback.

Loonie has been doing well in currency trading, advancing quite rapidly. However, some forex traders believe that the Canadian dollar was overbought. As a result, the loonie is going through a correction.

Also helping the U.S. dollar in forex trading right now is the fact that there is some risk aversion on the latest news about the possibility of a Greek default. As a result, not even slightly higher oil prices have been able to help the Canadian dollar in forex trading.

Posted in: Forex News