The Canadian currency, which has been benefiting together with several other currencies linked to commodities and equities performances, continued at a high level before a central bank meeting today that may indicate concerns with the current loonie’s rally.
After being traded near a one month high yesterday, the Canadian currency remained bullish as house starts surged in the country, suggesting that the North American nation may soon find its way out of recession. Tomorrow, Bank of Canada officials are due to meet, and comments reaffirming the problems a strong currency can bring may affect the current loonie’s rally.
USD/CAD traded at 1.0784 after touching a strong level of 1.0672 yesterday.
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