User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday October 6, 2008 - 20:38:52 GMT
Reuters -

Share This Story:
| | Email

Forex Market News - Canadian dollar falls to 1-1/2 yr low vs greenback

Mon Oct 6, 2008 4:32pm EDT
 * Canadian dollar falls 1.6 pct versus greenback
 * Bonds rally on safe haven bid as equities fall
 * Housing market shows more signs of slowing
 By John McCrank
 TORONTO, Oct 6 (Reuters) - The Canadian dollar fell to its
weakest level against the U.S. dollar since May 2007 on Monday
as fears of more fallout from the global financial crisis froze
money markets, putting a premium on the greenback and
undercutting support for commodities.
 Bond prices rose as investors looked for a safe place to
park their cash in response to huge losses on the stock
 The Canadian dollar closed the North American session at
C$1.0992 to the U.S. dollar, or 90.98 cents, down from C$1.0815
to the U.S. dollar, or 92.46 U.S. cents, at Friday's close.
 The currency fell 1.6 percent against its U.S. counterpart
after dropping 4.5 percent last week, mostly in response to a
stronger U.S. dollar.
 "Everything is getting clobbered by the U.S. dollar," said
David Watt, senior currency strategist at RBC Capital Markets.
 Lenders have been hoarding cash in response to a bevy of
collapsing financial institutions in the United States and
 That has decreased the supply of U.S. dollars in the
foreign exchange markets, making them more expensive to buy
relative to other currencies.
 The American dollar has also regained its status as a safe
haven asset, in part due to deteriorating economic outlooks
elsewhere in the world, which have weakened other currencies.
 "To the extent that people are just fearful in general,
it's obviously not a great environment for any currency that's
sensitive to the global cycle, and that is Canada," Watt said.
 About half of Canada's exports consist of natural resources
such as oil, natural gas, gold, and base metals.
 As worries grow about the possibility of a global
recession, commodity prices have tumbled on expectations of
faltering demand. The Reuters-Jeffries CRB index CRB, a
global commodities benchmark, was trading on Monday at its
lowest point since October 2007.
 "For Canada, much weaker net trade is on tap and any
supposed terms of trade advantage is being lost as commodities
tumble," said Derek Holt, economist at Scotia Capital, in a
 He added that with Canada's housing market softening,
retail sales trending down, and business investments declining,
the Canadian economy may be in for a period of prolonged
 "This is not just made-in-the-USA weakness as Canada faces
its own homegrown recession signals," he said.
 Canadian bond prices rose on a safe-haven bid as fears of a
global recession hit equity markets, knocking the Toronto Stock
Exchange below the 10,000 point mark for the first time since
July 2005.
 "That was edging dangerously close to putting trading halts
on the TSX, so this is a very volatile environment, a very edgy
environment, and you can't expect anything but a flight to
safety," said Charmaine Buskas, senior economics strategist at
TD Securities.
 The Bank of Canada moved to increase liquidity in Canadian
markets, injecting C$2.375 billion through special purchase and
resale agreements. It also left C$2.584 billion in its large
value transfer system, rather than the C$25 million it normally
leaves, to ensure easy settlement of balances between banks.
 On the data front, the value of building permits fell by
more than expected in August, down by 13.5 percent from July.
The nonresidential sector fell 19.3 percent, while the
residential sector dropped by 9.3 percent.
 "That probably helped the rally that was already under way
from the global credit market turmoil gain some traction,"
Buskas said.
 The Ivey Purchasing Managers Index rose to 61.0 in
September from 51.5 in August. A reading of 50.0 indicates that
activity remained flat from the preceding month, while a higher
reading indicates an increase and a lower reading reflects a
slowing or decrease.
 The two-year bond rose 37 Canadian cents to C$100.87 to
yield 2.332 percent. The 10-year bond gained 90 Canadian cents
to C$106.30 to yield 3.475 percent.
 The yield spread between the two-year and the 10-year bond
rose to 118 basis points, from 115 basis points at the previous
The 30-year bond added C$1.65 to C$116.90 for a yield of
4.003 percent. In the United States, the 30-year Treasury
yielded 3.965 percent.
 The three-month when-issued T-bill yielded 1.55 percent,
unchanged from the previous close.
(Reporting by John McCrank; 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.


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 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim 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