Canadian Dollar Reflects Strength Early Friday In New York

Canadian Dollar Reflects Strength Early Friday In New York []

Friday, March 09, 2007 7:39:14 AM - The Canadian currency showed strength early Friday in New York. Loonie was slightly lower initially but was gaining ground shortly before 3 am in New York. After a couple hours since then, CAD changed the direction again but made surges within another two hours. This came following Canada February employment data. Traders are now waiting for the US non-farm payrolls data which is expected shortly after.

To the greenback, loonie was sideways around midnight Thursday. Into the small Friday deals, buck made slight gains against the Canadian dollar but loonie took the control by about 3:00 am ET. From 1.1813, USDCAD weakened but after about a couple hours, pair changed its direction. Pair started to show uncertainty soon after and the recent Canadian data helped the CAD make a spike higher. As of 7:35 am ET, pair was worth 1.1766.

Since about 10 pm Thursday, EURCAD was steady against the Canadian currency and this continued into the small Friday deals too. Euro edged higher shortly before 3 am but after that, it dropped off. Loonie however, checked its uptrend after a couple hours and entered an uncertain trend that lasted until the Canadian employment data at 7 am. Loonie was higher amid the release and pair quoted 1.5468 at 7:35 am ET.

The Canadian currency was lower against its British counterpart into the small Friday deals in New York. pair collected as high as 2.2809 at 1 am and shortly after, it dropped off heavily. By about 5 am, loonie lost momentum and changed the direction. Pair fell recently amid the Canadian data and was worth 2.2729 at 7:35 am ET.

At about 10:45 pm Thursday, Canadian dollar edged higher against the yen and pair remained steady through the midnight deals. CADJPY moved sideways in a loose range until about 3:35 am and after that pair made a spike higher. Pair showed choppy trading until about 7 am and the data came out then helped it stage another surge. As of 7:35 am ET, CADJPY fetched 99.77 and this may be compared with the midnight quote of 99.42.