Greenback losing steam against the loonie in currency trading
The forex trading forecast for USD/CAD looks to be weakening. On Monday, the greenback hit a one-month high against the loonie in currency trading, but since then the U.S. dollar seems to be losing steam.
The Canadian dollar is likely to do well as economic data shows some improvement. While the economy is not improving as quickly as some would like, there are still signs that things are looking up. Kathy Lien offers a forex trading forecast for USD/CAD in FX360:
While the economy is improving in fits and starts, the general trend is toward improvement. And that means that the loonie is likely to be supported in forex trading as global trade improves, commodities gain and the stock market recoversWe expect a further sell off in the currency pair on the heels of much stronger than expected economic data. The IVEY PMI report which measures manufacturing sector activity rose to the strongest level since September while building permits surged.
0 comments:
Post a Comment