USD/CAD currency pair falls for eighth consecutive day

ForexNewsNow | Published on December 30, 2010 at 4:48 am

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NEW YORK (Forex News Now) – The greenback fell against the loonie on Thursday, continuing a run of losses that has now reached eight consecutive days.

In currency market trading, USD/CAD hit 1.0004 at around 9:35 A.M., GMT, down 0.05% on the day, after hitting a session high of 1.0010 with a low of 0.9991 so far.

The dollar’s losses came as it fell against almost all its major counterparts on expectations of further money-printing by the US Federal Reserve in 2011.

According to USD/CAD analysis, the dollar was likely to touch support around the April 18 low of 0.9930, and to encounter resistance around the Dec. 20 high of 1.0208.

Trading of the currency pair should also be affected later Thursday by the release of key data on US jobless claims and pending home sales.

Elsewhere, the loonie fell against the yen: CAD/JPY traded at 81.45, down 0.11% in intraday analysis.

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