USD to Canadian Dollar - 18th May 2009

USD to Canadian Dollar - 18th May 2009

Today is a national holiday in Canada, but despite this we have seen some lively volatility in the usd vs canadian dollar pair in early trading this morning, which has largely negated the short squeeze of late last week initiated on Wednesday and completed on Friday.  Last week’s reversal provided excellent opportunities for entering short positions for longer term trading opportunities on the usd/cad and we should see the resumption of the downwards momentum in due course as the Canadian markets return to work tomorrow.   The most significant item of fundamental news on the economic calendar for Canada this week is Core CPI due for release on Wednesday, and with virtually no news for the US for today my trading suggestion is to consolidate any longer term positions, and look to build further trades as we move back below 1.16 and deeper to the 1.15 region and below in due course.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.