The CAD is a weak overnight but there’s no escaping the fact that it’s in current demand, perhaps as an alternative to the Greenback.
At 97.50 cents the loonie is more than half a cent higher than 24 hours ago, which illustrates Thursday’s late in the day surge.
Interestingly, the traditional drivers of Canadian dollar strength are movements in the base metals and energy complex.
Energy prices continued to fall yesterday and today with crude oil looking comfortably below $80 per barrel now that the coldest weather has lifted.
We may be witnessing an acceleration in central bank reserve purchases going on.
Friday, January 15, 2010
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