Canada’s Dollar Drops to Lowest in Almost Two Weeks on Stocks

[Enivid]

Canada’s dollar fell to the lowest level in almost two weeks as U.S. equity futures dropped, crude oil weakened and the greenback climbed on speculation the Federal Reserve will raise interest rates by year-end as the U.S. economy recovers.

“Everything is down against the U.S. dollar,” said Firas Askari, head currency trader in Toronto at BMO Capital Markets, a unit of Canada’s fourth-largest lender. “The U.S.-dollar move from Friday is continuing.”

The Canadian currency declined 0.1 percent to C$1.1205 per U.S. dollar at 8:09 a.m. in Toronto, from C$1.1190 on June 5. It reached C$1.1291, the weakest level since May 26. One Canadian dollar buys 89.24 U.S. cents.

Standard & Poor’s 500 Index futures expiring in June fell 0.9 percent. Crude oil for July delivery dropped as much as 2.4 percent on the New York Mercantile Exchange.

From Bloomberg News.

[Emily]

So, fundamentally, a lmidterm long on this pair might be a good position to take, or at least a bias to look for a good entry with?

[Enivid]

Actually, on a daily chart USD/CAD is in a strong downtrend. The last several days were just a correction. Of course, if you are risky trader you can go long now, hoping for a general reversal.

[forerx]

So, fundamentally, a lmidterm long on this pair might be a good position to take, or at least a bias to look for a good entry with?

[metalx00]

thats a good analisis, im gonna wait a little longer

[alessio09]

Crude oil prices were completely higher overnight, as heating oil and gasoline prices slid. Prices for energy products are having a hard time getting on the same page on any given day, and we assume another sign that the complex is in the process of constructing a top.