The Canadian dollar advanced against the world's reserve currency on Thursday as speculation about the U.S. preparing to employ monetary stimulus to boost the world's largest economy continued its crescendo, The Canadian Press reports.
Climbs among the commodity complex also benefited the loonie, which supports an economic system based on the export of the nation's rich supply of natural resources. The nations enjoy close relations for trade and commerce so economic developments typically impact one anothers' economies and monetary units' performances.
Benefits to the loonie come on the heels of the first-ever lecture by a leader of the central bank of Canada to the Canadian Auto Workers' union.
Governor Mark Carney with the Bank of Canada on Wednesday sharply addressed Canadian firms and suggested they can do more to help spur development in the economy and create employment opportunities, according to The Globe and Mail.
He did acknowledge that some companies might be fearful and apprehensive about bleak and perilous prospects looming in the global economy. But he said the institution he leads is there and will be diligent and vigilant in its efforts to stave off a crisis.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
