March 10, 2010
Despite the lack of economic reports from Canada and the US, the loonie was able to edge higher against the greenback during yesterday's trading. In fact, the USDCAD slid by 85 pips from a high of 1.0321 to a low of 1.0236 during the US session.
Canada won't be releasing any top-tier economic reports again today, which means that commodity prices could dictate the price action of the loonie. Of course, watch out for economic reports that could trigger a shift in risk sentiment. Keep an eye out for the rate decision from the RBNZ since a rate hike could pull up the commodity-based currencies.
"The only cable I watch is the pound baby."