Loonie advances in forex trading
The loonie is advancing in forex trading on the currency market. The U.S. dollar is struggling today in currency trading, and that is giving the Canadian dollar a chance to make up a lot of lost ground.
Because it is so dependent upon commodities, the Canadian dollar has dropped in currency trading as the market for resources and goods has dried up in response to the global recession. Now, however, there is hope that the economic slowdown may be coming to an end and that commodities may soon be back in demand.
However, the loonie lost so much in forex trading to the greenback that it will take quite a bit of time to catch up. Plus, economic data isn’t helping the cause for the Canadian dollar, meaning that it has a ways to go before it approaches parity with the U.S. dollar, as it did in mid-2008.
0 comments:
Post a Comment