9 Jan 2014
USD/CAD unstoppable, climbs further to fresh 3-year highs
FXstreet.com (Córdoba) - The rally of the USD/CAD continues and recently hit a new high at 1.0839, after breaking a range that capped the upside during Wednesday and in the first hours of the Asian session at 1.0830. The US dollar gained momentum across the board in the last hour, particularly versus commodity currencies, following inflation data from China.
The pair appears to be advancing toward 2010 highs that lie at 1.0854; if it breaks higher it would be trading at levels not seen since September 2009.
Weakness in the Loonie started after weak economic data from Canada and increased following comments by BoC authorities regarding low inflation. Also better-than-expected economic reports from the US and the decline in crude oil prices weight on the CAD.
GBP/CAD eyes 1.7900 as rally accelerates
While the Loonie has been among the worst performers in recent days, the Pound has been on the opposite, rising across the board. The GBP/CAD is trading at 4-year highs at 1.7823 after jumping almost 500 pips in the last three days. To the upside, immediate resistance could be located at 1.7900 (Oct, Nov 2009 highs).
The pair appears to be advancing toward 2010 highs that lie at 1.0854; if it breaks higher it would be trading at levels not seen since September 2009.
Weakness in the Loonie started after weak economic data from Canada and increased following comments by BoC authorities regarding low inflation. Also better-than-expected economic reports from the US and the decline in crude oil prices weight on the CAD.
GBP/CAD eyes 1.7900 as rally accelerates
While the Loonie has been among the worst performers in recent days, the Pound has been on the opposite, rising across the board. The GBP/CAD is trading at 4-year highs at 1.7823 after jumping almost 500 pips in the last three days. To the upside, immediate resistance could be located at 1.7900 (Oct, Nov 2009 highs).