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USD/CAD Reaches New Lows

The Canadian dollar enjoyed the weakness of the US dollar to push forward to fresh multi year levels. USD/CAD went as low as 0.9866 before rising again. This came despite weak figures from Canada so far this week – two housing sector figures came out worse than expected.

Nevertheless, the retreat of the US dollar, and the positive outlook from the Bank of Canada pushed CAD/USD higher. And, also oil is recovering, due to various reasons, and this sure helps the Canadian dollar.

Further levels below are 0.98 and 0.97. Above, 0.9930 and 0.9977 are significant before USD/CAD parity.

The strength is significant on the backdrop of the fall in the another commodity currency – the Australian dollar, which falls due to the floods in Australia.

For more, read the Canadian dollar forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.