While most Canadian banks and the Canadian stock market are closed today, the markets are open in the USA where our Canadian dollar traded below US$0.76 this morning:
How technical currency traders see the American dollar continuing to go up against the falling Canadian dollar:
http://finance.yahoo.com/news/usdcad-posts-3rd-highest-volume-193000253.html
"One of the key forces of the strong directional trend higher in USDCAD has been the move lower in oil. On the chart below, you’ll notice the sharp move lower that has recently re-accelerated in oil. USDCAD has been overlaid so that you can see when oil slows its dissent lower, USDCAD slows its dissent higher. Recent concerning economic data for major forces in Asia have caused doubt to creep then about the demand for oil at the same time oil-producing countries are looking to ramp up production. This force has weighed heavily on the price of oil, and caused the Bank of Canada to loosen monetary policy in order to allow the economy to find its way through this drop in oil, which their economy rely so heavily upon."
I keep money in PayPal. To me, a dollar is a dollar.
Oil took a dump today. There is serious talk the US is going to up their prime rate. Those two oughta be good for another couple of cents.
