Economic Events
US Markets are closed for Martin Luther King Holiday
| Jan. 16 | 08:30 | CAD | New Motor Vehicle Sales (MoM) |
Historical:
Highest: 1.0842 CAD on 01 Nov 2009.
Average: 1.0147 CAD over this period.
Lowest: 0.9435 CAD on 26 Jul 2011.
Rule:
The Canadian Dollar moves in reaction to the US Dollar. Movements are small and easy to track and trade. The Canadian Dollar also responds to economic reports within Canada. It has little action against foreign currencies except during major moves or crisis.
Analysis:
The pair moved around for the day making little headway, the USD picked up momentum on the downgrade of EU debt by S&P. The markets will continue to react on Monday as the announcements were made after the Asian and European markets had closed. As stated above US markets will be closed on Monday, so not much is expected here.
Originally posted here
