User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Thursday May 1, 2008 - 21:32:59 GMT
Reuters -

Share This Story:
| | Email

Forex Market News - Canadian dollar rattled by lower commodity prices


Thu May 1, 2008 4:55pm EDT

By Frank Pingue

TORONTO (Reuters) - The Canadian dollar was knocked down 1 percent to its lowest level in over two weeks versus the U.S. dollar on Thursday due mainly to a decline in prices for the key commodities that Canada produces.

Canadian bond prices outperformed the U.S. Treasury market and ended mostly higher across the curve after Bank of Canada Governor Mark Carney repeated his view that additional monetary stimulus will be required.

The Canadian dollar closed at C$1.0193 to the U.S. dollar or 98.11 U.S. cents, down from C$1.0072 to the U.S. dollar, or 99.29 U.S. cents, at Wednesday's close.

At one point during the session the Canadian dollar fell to C$1.0240 to the U.S. dollar, or 97.66 U.S. cents, which marked its lowest level since April 15.

Canada is a key producer and exporter of many commodities, so the domestic currency stood little chance of extending a three-session win streak since oil prices fell for the third straight day while gold prices hit a four-month low.

"We don't have to look any further than the commodity market," said Matthew Straus, senior currency strategist at RBC Capital Markets.

"It doesn't really matter which commodity you are looking at, all commodities are trading sharply down and that's left the commodity-based currencies under pressure, especially the Canadian dollar."

With no Canadian economic data due out until next week, the currency's direction will be dictated largely by events in the United States, notably the U.S. nonfarm payrolls report for April due out on Friday.

If the nonfarm payrolls report comes in with far fewer jobs lost than the loss of 80,000 jobs that is expected, it could rattle the Canadian dollar.

Strauss suggested a significantly stronger than expected report could extend the recent rally in equity markets and the U.S. dollar. That, he said, could sap demand to use commodities as a hedge against the U.S. dollar, which would add to commodity price weakness and put pressure on the Canadian dollar.


Canadian bond prices ended mostly higher across the curve as the Bank of Canada again said more monetary stimulus would likely be needed beyond the 150 basis points it has already cut from its key overnight interest rate since December.

Last week the Bank of Canada cut its overnight rate by 50 basis points to 3.00 percent and earlier this week the U.S. Federal Reserve cut its fed funds rate to 2 percent.

But Governor Carney told a Senate banking committee on Thursday that more monetary stimulus is likely required.

"Largely it's the comments by Bank of Canada Governor Mark Carney indicating that the Bank of Canada will likely ease rates gain," said Max Clarke, economist at IDEAglobal in New York. "With no data coming out in Canada there was no good reason other than the comments by Governor Carney to push (bond) prices higher in Canada."

The Bank of Canada's next fixed interest rate announcement date is June 10 and the market is expected it to lower rates by 25 basis points.

The two-year bond fell 2 Canadian cents to C$102.03 to yield 2.736 percent. The 10-year bond climbed 11 Canadian cents to C$103.31 to yield 3.569 percent.

The yield spread between the two- and 10-year bonds was 83.3 basis points, down from 85.0 at the previous close.

The 30-year bond added 37 Canadian cents to C$115.92 to yield 4.062 percent. In the United States, the 30-year Treasury yielded 4.497 percent.

The three-month when-issued T-bill yielded 2.65 percent, down from 2.68 percent at the previous close.

(Reporting by Frank Pingue; Editing by Peter Galloway)

© Thomson Reuters 2008. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.


Forex Trading News

Forex Research

Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Mon 23 July 2018
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
AFlash PMIs
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final University of Michigan

John M. Bland, MBA
co-founding Partner,

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.

Request a TRIAL of Max's Forex Service.


Retail Forex Brokerage Changing!

Are you looking for your first broker or do you need of a new one? There are more critical things to consider than you might have thought.

We were trading long before there were online brokers. Global-View has been directly involved with the industry since its infancy. We've seen everything and are up-to-data with recent regulatory changes.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map

Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.

Forex News

The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.

Currency Trading

Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by

Forex Brokers

The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.

Forex Trading

Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.

FX Trading

Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.

Forex Blog also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105