Excerpt from: Forex News
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| June 23, 2009 | | Loonie in forex trading | Early today, the U.S. dollar collapsed against the loonie in forex trading. As U.S. stock futures pointed higher, and as the stock market opened higher, the Canadian dollar received a boost in currency trading on the FX market.
Like the sterling in forex trading, the loonie derives a great deal of support from the stock market. This means that when the stock market trends higher, it helps the Canadian dollar in currency trading. Signs of prosperity in trading tend to help the loonie in forex trading.
However, things could change quickly if the U.S. stock market pulls back. Indeed, the FX market is volatile, and one never knows what will trigger larger gains or result in a retreat.
| Topic Tags: Canadian dollar, currency trading, dollar currency trading, forex trading, FX market, loonie forex trading, sterling, stock market | |
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