The surprising rally of the US Dollar this week has inevitably led to what seems like everyone and their niece predicting just how long it will last. My 10-year old niece doesn’t like the dollar, and though she’s a very bright girl, please note that she based her reasoning on the Canadian dollar looking a [...]
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Globalization Causing Worldwide Inflation
Inflation has always been an important concern for currency analysts, if only because it has a direct relationship with interest rates. Central banks have a mandate to keep inflation under control, and so signs of rising inflation indicate a strong currency. But the new paradigm of an increasingly international economy could leave monetary policy makers [...]
Commodity Currencies Rise on Dollar Weakness
Commodity currencies have been beating up on the US dollar and the Japanese yen recently and yesterday was no different. The Canadian dollar, the New Zealand dollar and the Australian dollar all hit new highs, an occurrence so common in that last couple of weeks that’s most traders simply yawned. Some of the underlying support [...]
Bank of Canada Raises Interest Rates
You might have been expecting Patrick to talk about this one (he loves Canada), but he’s a little busy with China right. So you got me. The Bank of Canada raised its benchmark interest rate this morning to 4.50%, and the forex market…well the forex market basically yawned. The USD/CAD pair did retract somewhat from [...]
Stagnant Economic Growth Hurts Canadian Dollar
Reports in Canada showed unexpected zero economic growth for the month of April, the Canadian dollar came crashing down from a 30-year high. The Canadian currency dropped to 94.16 U.S. cents from yesterday’s 94.39. The zero growth report comes as a big surprise, for there had been a 0.3 percent increase in March. Investors have [...]
Future Gains by the Canadian Dollar Uncertain
The Canadian dollar reached a 30 year high at 94.79 U.S. cents. Even though it has fallen since, an increase is still possible after today’s U.S. government report showed a decrease in new home sales 930,000 in April to 915,000 in May. New homes were sold at a median price of $236,100, down .9 percent [...]
USD/CAD Sets New Highs
We write about the USD/CAD again, this time after it did in fact breakout of the range as I mentioned in an earlier post. Not only did it breakout of the range, but it closed at a new daily high. We have not seen it close this high since December 28th, 2005! Oil prices didn’t [...]
USD/CAD Pattern
The USD/CAD has been in a channel now since the end of August. We’ve seen it push the top channel line three times and it is now approaching the fourth. What’s interesting is the similar pattern back in March for the EUR/USD. Remember when it broke out after the fourth time at the top channel [...]
Canadian Dollar Buckles for the First Time in Five Years? November Will Tell
As November begins soon the United States Dollar (USD) bulls will attempt what hasn’t done is five years. The Canadian Dollar (CAD) has dominated the exchange rate battle since 2001 against the United States Dollar. 1 USD used to buy over 1.60 CAD back then. Recently the exchange rate was less than 1.10 CAD. After [...]
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