by Thu, 06 Jan 2011 21:28:00 +0100
Forex: CAD sailing smoothly, longs pay off
FXstreet.com (Barcelona) - Amid the penurious stance of currencies such as the Euro or a subdued Australian Dollar, the Canadian currency continues to emerge as one of the hottest bets, so far yielding profitable results for those investors brave enough to jump on the bandwagon of buyers.
While making marginal progress against stronger currencies such as the Yen or the US Dollar during Thursday's session, somehow logical as NFP is just around the corner, the Canadian was able to resume its most recent upward momentum vs the Aussie, Euro or Pound.
EUR/CAD dropped further, only halted by 1.2950, 6-month low. AUD/CAD had yet another sharp fall, finding support at 0.9900. Against the USD, the Loonie was still confined in a sideways consolidation under parity. CAD/JPY was nearly unchanged just above 83.50.
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