User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday June 1, 2007 - 21:46:57 GMT
Reuters -

Share This Story:
| | Email

Forex Market News - Canada dollar tops 94 U.S. cents on Harper remarks

Canada dollar tops 94 U.S. cents on Harper remarks
Fri Jun 1, 2007 5:10 PM ET

By Cameron French

TORONTO, June 1 (Reuters) - The Canadian dollar charged higher on Friday, achieving yet another benchmark versus the U.S. dollar, as Prime Minister Stephen Harper said the government wouldn't interfere in the currency's rise.

Bond prices mostly lower on strong U.S. data.

The currency finished at C$1.0613 to the U.S. dollar, or 94.22 U.S. cents, up from C$1.0696, or 93.49 U.S. cents, at Thursday's close.

Harper also said he won't change investment rules so that Alcan Inc. can fight off a US$28 billion hostile takeover bid by U.S. rival Alcoa .

Analysts said Harper's comments further emboldened traders who have driven the currency up more than 10 percent over the past 2 1/2 months to levels not seen in nearly 30 years.

"Harper was essentially declaring that Canada is still open for business," said Shaun Osborne, senior currency strategist at TD Securities in Toronto.

Foreign-led mergers have been a main reason for the currency's rise as buyers must finance the cash components of the deals with Canadian dollars.

The currency rose as high as C$1.0598, or 94.36 U.S. cents, topping 94 U.S. cents for the first time since July 1977.

The Canadian dollar's rapid rise has meant technical analysts have no recent chart levels by which to gauge likely resistance points for the currency, a development that actually opens the door for more rapid gains.

And while the one-way trade means the currency will have to consolidate its gains at some point, Osborne does not expect a major pullback any time soon.

"It does look very overbought, and we are likely going to see a bounce at some point," he said.

"But we're not going to get back to C$1.14 or C$1.15 any time soon, I don't think."

He noted the currency's gains have accelerated in recent sessions, following a hawkish interest-rate statement from the Bank of Canada on Tuesday and stronger-than-expected domestic growth data released on Thursday.

CIBC World Markets said on Friday it expects the Canadian dollar will hit parity with the U.S. greenback by the end of 2007 due to M&A flows, expected interest rate hikes, and strong commodity prices, which increase the wealth of Canada's resource-producing Western region.

In a note, CIBC economist Jeff Rubin said the stronger currency will be welcomed by the Bank of Canada, as it will cool rising inflation.


Bond prices mostly eased, following the lead of U.S. treasuries on strong U.S. labor and manufacturing data.

Bonds have also been pressured of late by expectations of interest rate hikes by the Bank of Canada this summer.

Economists now forecast rate hikes in July and September, following the Bank of Canada's statement on Tuesday that tightening will be needed in the "near term" to cool inflation.

Bond price and interest rates typically move in opposite directions.

The two-year bond slid 5 Canadian cents to C$98.40 to yield 4.602 percent, while the 10-year bond retreated 19 Canadian cents to C$96.23 to yield 4.515 percent.

The yield spread between the two-year and 10-year bond was -8.7 basis points, compared with -8.6 basis points at the previous close.

The 30-year bond climbed 12 Canadian cents to C$121.10 to yield 4.382 percent. In the United States, the 30-year treasury yielded 5.064 percent.

The three-month when-issued T-bill yielded 4.32 percent, unchanged from the previous close.

© Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the 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 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