Futures Market News
Canadian dollar edges up against U.S. rival
Jul 10, 2012 11:37 AM
The Canadian dollar slightly rose Tuesday against the U.S. dollar after finance ministers from euro zone nations agreed on an aid package for Spain and its troubled financial institutions, according to Reuters.
Despite China noting a sharp reduction in the pace of economic growth and development, the ministers' agreement helped benefit the Canadian dollar. Spain was granted through 2014 to reach deficit reduction targets and bailout aid for the nation's banks was adapted.
"European peripheral spreads have pulled back and equities are rallying a little bit," director of foreign exchange sales Matt Perrier with BMO Capital Markets told the news service. "It feels like the risk aversion in the last few days was getting a little bit tired."
But concerns remained strong for ministers' capacities to control the sovereign debt crisis and the damages it is causing, which also impacts investor and traders' views of the allure of risky assets like the loonie.
Bloomberg reports the Canadian housing agency indicated housing starts surprisingly rose in June, which also proved to be beneficial to the Canadian dollar.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Tax-Advantaged Forex Investing
Did you know that you can invest individual retirement funds (IRA’s) into forex?
Have you been following forex and have the time to devote to trading, but lack the free funds to invest? Tax advantaged forex investing may be for you.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.