US Dollar To Canadian Dollar - Spot Chart 8th May 2009
Yesterday’s short squeeze was indeed “short” in every sense of the word but, once again provided us as currency traders with further opportunities to enter short positions as the downward spiral in the US dollar to the Canadian Dollar pair continues as we hurtle towards our short term target of 1.5 which may even be achieved today. The downward move has been accelerated in this morning’s trading with the release of the Canadian equivalent of US Non Farm Payroll, in this case called Employment Change, and with the market forecasting a figure of -48.5, it was a shock for the actual to come in at a positive 35.9, which could provide an indicator for the NFP due out shortly in the US. The unemployment rate in Canada also improved marginally to 8% against a forecast of 8.3%, and we are now awaiting the release of the monthly Housing Starts figure which is forecast at 140k against a previous of 147k. If this comes in better than expected then this could add further positive momentum to the Loonie, although this may have to be counterbalanced by any positive effect on the US dollar from the NFP data.
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