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USDCAD at 50 Year Lows, Australian Dollar Headed for Parity
Wednesday, 31 October 2007 22:30:41 GMT
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- Friday, 04 July 2008 14:12:40 GMT Australian, New Zealand and Canadian Dollars Edge Higher
- Thursday, 29 November 2007 21:48:10 GMT Weaker Economic Data Drives Canadian, Australian and New Zealand Dollars Lower
- Wednesday, 28 November 2007 20:54:29 GMT Australian, New Zealand and Canadian dollars Unfazed by Weaker Commodity Prices
- Monday, 26 November 2007 21:47:07 GMT Risk Aversion Sends Australian, New Zealand and Canadian Dollars Lower
- Friday, 23 November 2007 18:57:10 GMT Stronger Gold and Oil Prices Take Australian, New Zealand and Canadian Dollars Higher
- Wednesday, 21 November 2007 20:38:03 GMT Australian, New Zealand and Canadian Dollars Test Bottom of Week Long Range
- Tuesday, 20 November 2007 21:24:25 GMT Higher Commodity Prices Drive Australian, New Zealand and Canadian Dollars Higher
- Monday, 19 November 2007 22:09:55 GMT Canadian, Australian, New Zealand Dollars All Face Sharp Losses
- Monday, 22 October 2007 21:54:11 GMT Commodity Dollar Could Be Susceptible To Declines This Week
- Thursday, 15 November 2007 18:34:42 GMT Australian, New Zealand and Canadian Dollars Hit by Weaker Commodity Prices
- Wednesday, 14 November 2007 21:14:55 GMT Australian and New Zealand Dollars Strengthen but Canadian Dollar Continues to Weaken
- Tuesday, 13 November 2007 21:29:45 GMT 2 Percent Moves in Australian and New Zealand Dollars
- Monday, 12 November 2007 21:45:57 GMT Canadian Dollar Sees Biggest Rise One Day Slide in 36 Years
- Friday, 09 November 2007 21:52:17 GMT USD/CAD: Time for a Bottom
- Thursday, 08 November 2007 20:59:19 GMT Canadian and Australian Dollars Continue to Lose Ground
- Tuesday, 06 November 2007 21:41:33 GMT Australia Raises Interest Rates, Another Reason to Hit Parity
- Monday, 05 November 2007 22:13:40 GMT USD/CAD Sinks to New Record Low
- Friday, 02 November 2007 21:12:03 GMT Canadian Dollar Hits Record High Following Strong Employment Numbers
- Thursday, 01 November 2007 20:29:28 GMT Australian, New Zealand and Canadian Dollars All Hit By Carry Trade Liquidation
- Wednesday, 31 October 2007 22:30:41 GMT USDCAD at 50 Year Lows, Australian Dollar Headed for Parity
The biggest beneficiaries of US dollar weakness today are the commodity currencies. The Australian dollar rose to a 23 year high and the Canadian dollar hit a 50 year high! Oil and gold prices are both higher while Canadian GDP was stronger than expected. We once again reiterate that no trend in the currency is as strong now as the downtrend in USD/CAD.
With 95 cents behind us, the next logical target is 90 cents and $100 oil is exactly what will take us there. In after hours trading, crude oil futures surged above $95 a barrel. There is no reason to fade this move. Meanwhile, the Australian dollar will be in play tonight with PMI, retail sales and the trade balance due for release. We are looking for stronger spending and a narrower trade balance thanks to low unemployment and a strong currency. This coincides with our view that the Australian dollar will be the next currency to reach parity with the US dollar.
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