The Canadian dollar reached a 14 month high against the greenback thanks to QE3. However, part of these gains are now fading away. One of the reasons was a mysterious plunge in oil prices, despite rising tensions in various parts of the world. A disappointing Canadian figure didn’t help either. USD/CAD now trades around the 0.9740 line, unable to stick to lower ground: Canadian dollar retreating against USD – Click image to enlarge Oil prices also enjoyed QE3, with WTI Crude reaching the magical number of $100. However, in a not-so-busy time in the markets, the price suddenly fell by around $4.5 before staging a limited recovery. This spike wasn’t triggered by any specific event, and is investigated by the CFTC. While oil saw a recovery, the loonie didn’t really make a comeback. Another disappointment came from the Canadian Foreign Securities Purchases figure. This disappointed with only $6.67 billion instead of $11.3 billion expected. At least it was better than the negative number seen in the previous month. All in all, USD/CAD is struggling to find a direction after the recent falls. 0.9740 remains a line of support after the pair climbed higher. A new break of this level opens the door to 0.9667 once again. In turn, this is followed by 0.96. For more on the loonie, see the USDCAD 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next NZD/USD: Trading the New Zealand GDP September 2012 Kenny Fisher 11 years The Canadian dollar reached a 14 month high against the greenback thanks to QE3. However, part of these gains are now fading away. One of the reasons was a mysterious plunge in oil prices, despite rising tensions in various parts of the world. A disappointing Canadian figure didn't help either. USD/CAD now trades around the 0.9740 line, unable to stick to lower ground: [caption id="attachment_37965" align="alignnone" width="610"] Canadian dollar retreating against USD - Click image to enlarge[/caption] Oil prices also enjoyed QE3, with WTI Crude reaching the magical number of $100. However, in a not-so-busy time in the markets, the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
