Forex: Loonie pulls back against Dollar, trading 1.0512

By IBTimes Staff Reporter | December 30 2009 10:01 PM

FXstreet.com (London) - Canadian Dollar has fought back against Greenback push in the previous session. The Loonie currently quotes at 1.0512 versus the Dollar, down nearly 30 pips from the open.

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The Canadian parliament today opened a two month shutdown, called for by the Prime Minster. The move has been received largely negatively. The move will slow many application and the processing of many bills. The shut-down comes at a time when the current government faces mounted challenges.

For USD/CAD primary resistance should be taken as 1.0576 (previous session High). Support on the downside is at 1.0473 (consolidation zone in previous session). The pair is likely to consolidate with no significant news releases, and major markets still in holiday mode ahead of the New Year.

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