Friday September 17, 2010 - 01:47:43 GMT
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Forex Hound - www.forexhound.com
Falling Crude Prices Help Boost USD CAD
Another session of selling pressure in the crude oil market
helped weaken the Canadian Dollar, sending the U.S. Dollar slightly higher
against the Loonie. Todayâ€™s trading session also had a â€śrisk offâ€ť theme which
triggered some light shedding of higher risk assets, contributing to the
Canadian Dollarâ€™s weaker tone.
Technically, following a recent sharp sell-off, the USD CAD
formed a daily closing price reversal bottom which was confirmed on September
15. The lack of follow-through to the upside is helping to prevent this market
from finishing its counter-trend retracement to 1.0361.
Overall, there are concerns the Canadian economy is slowing
down. Lower crude oil is hurting exports, but the weaker U.S. economy may be having a bigger
influence on the Canadian economy than estimated earlier. Some traders are
saying that the Bank of Canadaâ€™s recent rate hike may do more harm than good
for the economy.
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