Tuesday, November 5, 2013

Canadian Dollar recovering on long term

Loonie is recovering a little for today against U.S. dollar, after 2.2 percent declining in October reaching 1.0270 as two months low. Loonie faced a hard decline last month due to crude oil demand reduction in U.S. and China; sense they are the biggest consumers of its main product. 

On four hours chart we can see that Loonie found support on 1.0410 reaching four days high on 1.0453, CAD was traded at the level of 1.0435 as trading average for the day waiting for the expected increase in the Building permits tomorrow Wednesday the 6th of November, 2013 at 13:30 GMT.

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