Loonie Strong Against Greenback, Lower To Rest Of Majors; Ahead Of US Releases Friday
Friday, March 16, 2007 8:00:44 AM - When the Canadian currency showed strength against its US counterpart, it was lower against other majors early Friday ahead of the North American session. Small Friday deals were likely influenced by, the Japanese leading index, the French current account and the Italian trade deficit data for January. For the session ahead, no fundamentals are expected from the Canadian economy but a slew of US releases are expected to influence the market.
Against the greenback, the Canadian currency moved sideways during the very early deals of Friday in New York. The range was give up by about 4:30 am ET and the pair weakened to 1.1720 from 1.1754, within about an hour. Thereafter, until about 7:00 am, the pair moved sideways but then, climbed up. As of 8:00 am ET, USDCAD was equal to 1.1742.
To the European currency, the loonie showed choppy trading through the small Friday deals in New York. Towards the end of the European session, the common currency came off the uncertainty and fetched a few points against its counterpart. As of 7:50 am ET, EURCAD was worth 1.5657 and this was a new high for the pair since mid-2005.
The Canadian dollar moved range-bound against the sterling into the small Friday deals in New York. Around 3:00 am ET, the pair gained momentum and after a brief pause on the way, continued higher into the mid-morning. Shortly before the North American session, pair was seen range-bound again and it quoted 2.2877 at 8:00 am ET. This was a 12-day low for the loonie.
Around midnight, CAD made a few gains against the Japanese currency and the pair collected its session’s high at 99.76 as of 12:35 am Friday. The pair moved sideways along a loose range until about 2:45 am and after that, it slid to a lower range. After the European session, the loonie staged another spike lower against the yen and was caught in a range shortly before the US releases. As of 8:00 am ET, CADJPY was worth 99.30.