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Lower Canadian Exports Help Boost U.S. Dollar
By: James Hyerczyk - 24-07-2008
Previous Analysis | Next AnalysisThe USD CAD continued to remain firm as traders now seem to be convinced the Bank of Canada will leave rates unchanged.
The poor performance in crude oil and gold markets is expected to continue to drive Canadian exports lower, making the Canadian Dollar weaker.
It is going to take a highly volatile move in crude oil to make this market drop.
The charts indicate a move to 1.0233 is likely. Strong support has been established at 1.0053.Content Provided by:
James Hyerczyk
James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.
Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.
DISCLAIMER:
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