Monday September 27, 2010 - 12:31:01 GMT
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Forex Hound - www.forexhound.com
Fed Green Lights Canadian Dollar Rally
Last weekâ€™s news that the Fed was gearing up to apply
additional quantitative easy in an effort to keep the U.S. economy from derailing, helped
boost the Canadian Dollar.
Speculation that the Federal Reserve is willing to ease
monetary policy further spurred demand for assets that benefit from global
growth. This pressured the Dollar/CAD for a fourth week, putting it in a
position to challenge the recent swing bottom at 1.0190 and setting up a
potential break to the next level at 1.0107.
Strong rallies in U.S. equity markets and a late in
the week boost in crude oil also contributed to the Loonieâ€™s rise. Increased
risk appetite should keep upside downside pressure on the Dollar/Cad this week.
Overnight, flat equity markets are helping to hold the USD
CAD steady, but downside pressure may be limited if crude oil remains firm.
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