Early, the Canadian dollar moved higher in Forex trading, helped by higher oil prices. However, now the loonie is moving lower as traders await the results of the vote in Italy. While the vote is more of a budget issue, it is also being seen as a measure of confidence in PM Silvio Berlusconi.

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A budget vote in Italy has markets waiting for what’s next — and expecting something positive. As a result of this cautious optimism, the US dollar is lower in Forex trading. With support for Italian PM Silvio Berlusconi all but gone (even from allies), it is little surprise that the markets are expecting something reasonably positive.

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The euro fluctuated today as the mounting pressure for Italian Prime Minister Silvio Berlusconi added Italy to the list of countries investors should be worried about. In fact, Italy was on that list, together with Portugal, Ireland, Spain and Greece, and traders were just reminded that the problems of the European Union aren’t limited only to Greece.(...)
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The Great Britain pound strengthened today after the manufacturing production expanded, while the concerns about the situation in the European Union increased demand for the currency as a safe haven.(...)
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The Australian dollar declined today, extending its yesterday’s drop against the greenback and the yen as the concerns about the crisis in Europe and the negative fundamental reports from Australia decrease attractiveness of the currency.(...)
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The Canadian dollar rallied as the gains of stocks triggered a rally of crude oil. The currency weakened a bit at the start of today’s trading, but does a good job of holding its gains so far.(...)
Read the rest of CAD Gains as Crude Advances After Rally of Stocks (136 words)