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by ForexNewsNow Team on December 13th, 2010

USD/CAD rises as FX traders await BOC governor’s speech

Indicator analysis - BOC chief Mark CarneyNEW YORK (Forex News Now) – The dollar rose slightly against the loonie on Monday, as FX traders awaited a speech later in the day by Bank of Canada Governor Mark Carney.

In currency market trading, USD/CAD hit 1.0097 at around 7:35 A.M., GMT, up 0.05% on the day.

Carney was later due to speak about the economic outlook at the Economic Club of Canada, in Toronto. His speeches often have a major impact on trading as investors attempt to decipher clues on short-term interest rates and monetary policy.

According to USD/CAD analysis, the dollar was likely to touch support around the Dec. 6 low of 1.0021, and to encounter resistance around the Dec. 2 high of 1.0189.

The currency pair was also being traded against the backdrop as the dollar continued to rise against most of its major counterparts on the back of US President Barack Obama’s statement last week that he would support a tax cut extension.

Elsewhere, the loonie rose against the pound: GBP/CAD traded at 1.5934, down 0.18%, according to intraday analysis.

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