Forex trading with the loonie
Canadian dollar is getting a boost in currency trading today, heading higher as concerns fade for a little while. This morning, it?s all about the optimism. Good news on financials out of the United States is helping, as is better than expected wholesale prices out of the States.
Loonie is finding support in forex trading as commodities get a boost as well. Gold and oil are on the rise, putting downward pressure on the US dollar, and supporting the Canadian dollar. The loonie is especially connected to oil prices, and those are approaching $87 a barrel. Gold prices are also higher today.
For now, general optimism is helping the Canadian dollar. Global stock indices are gaining ground, and riskier currencies have the upper hand. There are still plenty of concerns, but for now forex traders are just looking for a silver lining ? and taking advantage of current optimism.?
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Source: http://oakshirefinancial.com/2012/07/14/canadian-dollar-gets-boost-in-currency-trading/
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