TORONTO, June 10 (Reuters) - Canada's dollar rose to its
strongest point against the U.S. dollar in more than three
weeks on Thursday after a bullish report on Chinese exports
increased hopes for global economic recovery and pushed up
Chinese exports surged 48.5 percent in May over a year
earlier, well above forecasts for a 32 percent gain, confirming
a Reuters report from Wednesday. [ID:nTOE65901X]
As global equities and commodities rallied on the news, the
currency CAD=D4 touched a high of C$1.0287 against the
greenback, or 97.21 U.S. cents, a jump of almost a cent and a
half from Wednesday's close and its strongest level since May
Against the euro, the Canadian dollar firmed to trade
around C$1.2450, or 80.32 euro cents, levels not seen since
"It was very much a risk-on type atmosphere from when we
walked in this morning," said David Bradley, director of
foreign exchange trading at Scotia Capital.
U.S. crude oil prices rose more than a dollar to over $75 a
barrel, while copper firmed to its highest in nearly a week,
supporting Canada's commodity-linked currency. [O/R] [GOL]
Bradley said a couple big players, such as central banks or
institutional investors diversifying their holdings, were
behind the Canadian dollar's move versus the euro.
"There's been consistent interest over the last month or
two ... and today was no exception."
The Canadian dollar also outperformed against the yen and
Swiss franc, traditional safe havens along with the U.S.
The currency closed the North American session at C$1.0312
to the U.S. dollar, or 96.97 U.S. cents, up from Wednesday's
North American finish of C$1.0443 to the U.S. dollar, or 95.76
Bradley said he was eyeing a technical level of C$1.0250
for a move closer toward parity.
"Breaking that level we could probably have a move back
down towards the C$1.0110 level," he said.
"If that happens we'd probably get a break lower in
euro/Canada to that all-time low too so that would probably
help the move accelerate."
The Canadian dollar was trading one-for-one with the
greenback through much of April as the global economy appeared
to be on the mend and Canada's economic fundamentals looked the
strongest in the G7.
But the sovereign debt situation in Europe put a heavy dose
of fear back into the markets, pushing up the U.S. dollar and
sending commodity prices lower.
As a result, the Canadian dollar hit a 2010 low of
C$1.0854, or 92.13 U.S. cents, on May 25, but has been slowly
gaining ground as the concerns about Europe eased and the
global recovery was seen as gaining momentum.
Bank of Canada Governor Mark Carney told reporters after a
speech in Montreal on Thursday that it was too early to gauge
how recent euro zone concerns might affect Canada's economy.
But the comments had little currency market impact.
"His comments are really not off target with respect to
what we've heard not only from him, his department, as well as
(U.S. Federal Reserve Chairman Ben) Bernanke," said Jack Spitz,
managing director of foreign exchange at National Bank
Elsewhere on Thursday, a robust employment report out of
Australia helped cheer market sentiment, as did a move by New
Zealand's central bank to lift interest rates from a record
low, its first hike since the global economic crisis.
Spitz added that better than expected data in Sweden, a
solid bid on a Spanish three-year bond auction, and comments
from China on betting on a rise in the euro, added to the
bullish market environment.
That helped push the Dow Jones industrial average .DJI up
more than 2 percent and the Toronto Stock Exchange's S&P/TSX
composite index .GSPTSE up more than 1 percent.
CANADIAN BOND PRICES FALL
Canadian bond prices were lower across the curve as the
rise in stock markets cooled investors' demand for the safety
of government debt.
The two-year government bond CA2YT=RR fell 18.5 Canadian
cents to yield 1.817 percent, while the 10-year bond
CA10YT=RR fell 64 Canadian cents to yield 3.431 percent.
On the domestic data front, Canada recorded a smaller than
expected trade surplus in April due to the strong Canadian
Other numbers showed continued strength in Canada's housing
sector, with new home prices up for a 10th consecutive month,
but the pace is expected to cool in the second half of the year
as new taxes take a toll.
Neither report is usually considered a market mover.
With risk appetite in play, Canadian bonds continued to
outperform U.S. Treasuries at the long end of the curve, with
the 10-year yield 10.6 basis points above its U.S. counterpart,
down from 17.7 basis points on Wednesday.
In new issues, the province of Ontario sold C$600 million
of 4.65 percent bonds due June 2, 2041. [CAN-TNC]
(With additional reporting by John McCrank; Editing by Jeffrey
Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to colleagues, clients or customers, use the Reprints tool at the top of any article or visit: www.reutersreprints.com.
Forex Trading News
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
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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Actionable trading levels delivered to YOUR charts in real-time.
Mon 26 Feb 2018 A 15:00 US- New Homes Sales Tue 27 Feb 2018 A 08:55 DE- Jobless B 13:30 US- Durable Goods A 15:00 US- CB Consumer Confidence A 15:00 US- Pending Homes Sales AA 15:00 US- Powell House Testimony Wed 28 Feb 2018 A 10:00 EZ- flash HICP AA 13:30 US- GDP A 15:30 US- EIA Crude Thu 1 Mar 2018 A All Day final Mfg PMIs A 13:30 US- Weekly Jobless AA 13:30 US- Core PCE Deflator AA 15:00 US- Powell Senate Testimony A 15:30 US- EIA Crude Fri 2 Mar 2018 AA 15:00 US- final Univ of Mich
John M. Bland, MBA co-founding Partner, Global-View.com
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.
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.
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.
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 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 Global-View.com.
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 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.
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.
Global-View.com 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 Global-View.com. 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.
WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES
CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN
EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE
PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE
INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC
REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL
SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR
SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.