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Home / Futures Blog / Loonie fluctuates after stronger-than-anticipated economic data released

Loonie fluctuates after stronger-than-anticipated economic data released

March 28, 2013 by Daniels Trading

Thursday saw the Canadian dollar ebb and flow against its southerly rival despite the release of stronger-than-anticipated economic data about the economy of Canada from earlier this year, Bloomberg reports.

Though the Thursday performance of the loonie against the greenback was less than strong, the loonie continued heaving toward weekly gains against its counterpart.

The economy of Canada, recognized as the globe's 11th-largest, grew 0.2 percent in January after having contracted 0.2 percent during the month prior. The economic data came after the third and fourth quarters of last year in Canada were the weakest since the onset of the Great Recession in 2008, according to Reuters.

But the loonie also ran into challenges as the U.S. Labor Department noted jobless claims in the U.S. climbed last week, which stops the labor market's recent achievements in lowering unemployment. The U.S. and Canada share strong commerce and trade relations so Canada is sensitive to U.S. economic and financial developments.

Reuters reports the stronger January in Canada was linked to upticks in manufacturing and mining while the resumption of professional ice hockey after a labor dispute also helped.

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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.

Filed Under: Currencies & Interest Rates

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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.

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