Forex: USD/CAD sneaks above 0.9800
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USD/CAD
FXstreet.com (San Francisco) - USDCAD traded up to 4-day highs after the Fed's beige book indicated the US economy is growing, reaching as high as 0.9815 after three days of choppy consolidation below the 0.98 figure. USDCAD last trades at 0.9810 vs. 0.9780 late Tuesday.
Fundamentally speaking, "A deceleration in global growth is being offset by stronger US data, rising expectations for BoC interest rate hikes and an ongoing focus on how FX reserve diversification impacts currencies like CAD and AUD," explains Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank. "We continue to favour long CAD positions against the USD and most crosses, with Fed policy the most important risk."
Since the FOMC meeting that launched QE3 on September 13th, most asset classes have remained in broad ranges. S&P 500 last trades at 1,431.75, down 9.73 points, or 0.7%. Gold last trades at 1,762 after peaking at 1,795 last week. EUR is now exchanging $1.2900. Oil now trades at $91.22/bl.
Fundamentally speaking, "A deceleration in global growth is being offset by stronger US data, rising expectations for BoC interest rate hikes and an ongoing focus on how FX reserve diversification impacts currencies like CAD and AUD," explains Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank. "We continue to favour long CAD positions against the USD and most crosses, with Fed policy the most important risk."
Since the FOMC meeting that launched QE3 on September 13th, most asset classes have remained in broad ranges. S&P 500 last trades at 1,431.75, down 9.73 points, or 0.7%. Gold last trades at 1,762 after peaking at 1,795 last week. EUR is now exchanging $1.2900. Oil now trades at $91.22/bl.
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