Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

Top Stories
by ForexNewsNow Team on July 22nd, 2010

USD/CAD slumps amid rising oil prices, risk demand

forex analysis global forex fx trader CADNEW YORK (Forex News Now) – The Canadian dollar surged against its U.S. counterpart on Thursday on rising oil prices, and as FX traders’ demand for risk heightened.

In U.S. afternoon currency trading, USD/CAD traded at 1.0371, down 1.14 percent on the day, after rising from a daily low of 86.34.

The loonie’s gains came despite a disappointing report on the Canadian retail sector, which showed that sales unexpectedly fell in May for the second consecutive month.

According to forex analysis, USD/CAD was likely to touch support around the low of July 15, 1.0277, and encounter immediate resistance around the daily high, 1.0503.

Thursday also saw the release of mixed U.S. data: A key report showed that existing home sales climbed more than expected in June, but separate data showed that initial claims for unemployment benefits rose faster than forecast last week.

Meanwhile, the loonie climbed slightly versus the euro: EUR/CAD traded at 1.3363, down 0.12 percent.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))