Disclaimer: Forex trading involves high risks, with the potential for substantial losses and is not suitable for all persons. The views expressed in this blogsite are those of the author(s) and do not necessarily reflect the official policy, position, or opinions of Global Forex Trading. Excerpt from: FX Rates
|  | | August 27, 2008 | | Higher oil, declining dollar boost loonie in currency trading | The Canadian dollar is on the rise in forex trading on the currency market today. One of the main helps is a rise in oil prices -- Canada's main export -- as Gustav threatens offshore refineries.
Weakness from the U.S. dollar is also boosting the loonie in currency trading. Bloomberg reports on the Canadian dollar in forex trading:
``This is more just a big dollar sell-off,'' said Jonathan
Gencher, director of currency sales in Toronto at BMO Capital
Markets. ``Canada is just being tagged along.''
Many forex analysts expect the loonie to fall in currency trading by the end of next year.
| Topic Tags: Canadian dollar forex trading, currency trading, forex trading, forex trading currency market, loonie currency trading, oil prices, U.S. dollar | |
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