Canadian dollar (CAD), Daily Review, March 18th 2010

By @ibtimes on

The Canadian Dollar reached its strongest level in almost 20 months versus the Dollar after the Federal Reserve said it would keep interest rates near zero, spurring demand for currencies tied to economic growth. Moreover, Canadian wholesale sales rose at the fastest pace in 3 years in January with 3.0% vs. 0.6% forecast. Canadian Prime Minister Harper said the government is concerned about the Canadian Dollar reaching parity with the U.S Dollar, as the Canadian Dollar is getting too strong. The USD/CAD has been trading downwards since February. As long as the pair is below 1.0350 a short position is preferred. Overall, USD/CAD traded with a low of 1.0071 and with a high of 1.0143. Today, Foreign Securities Purchases are expected at 7.75B vs. 11.23B prior.

 USD/CAD - Last: 1.0112

Resistance

1.0124

1.0168

1.0202

Support

1.0071

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