Home Canadian Dollar Retreats from Parity on Greek Troubles
Forex News Today: Daily Trading News

Canadian Dollar Retreats from Parity on Greek Troubles

The Canadian dollar managed to rise, shine and rise against the greenback, beating parity. But the huge mess following the announcement of a referendum in Greece sent USD/CAD back up.

Canadian GDP for the month of August came out better than expected: 0.3% instead of 0.2%. This joined a positive GDP report for July and shows a nicely growing Canadian economy in Q3 2011.

Also the American economy grew nicely in Q3 according to the initial report, and this helped the loonie keep up the fight.

But then came Greece: the announcement about a referendum regarding the EU Summit deal just boosted fear: the dollar and the yen rose across the board (despite the Japanese intervention, and all other currencies fell.

The Canadian dollar also dropped, despite its relative strength. USD/CAD confirmed the move above parity, broke the 1.0080 line and approached the 1.02 resistance line. It then stabilized in between these lines. Further resistance is at 1.0263, followed by 1.0360.

Fore more levels and upcoming events, see the Canadian dollar forecast.

Employment data, to be released on Friday, is the highlight of the remainder of the week. Also note the ongoing testaments of Mark Carney (governor of the BOC) in parliament.

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.