The Canadian dollar extended its recent downtrend against major currencies in early New York trading on Wednesday despite a rally in crude oil prices as traders flee from riskier currencies amid escalating tensions in Libya.
Libya holds Africa’s largest oil reserves and is the continent’s fourth largest producer and is an OPEC member, the cartel that produces about 40 percent of global supplies.
Although only a small part of Libya’s oil production appeared to be affected by the unrest so far, traders fear that similar revolts will spread to other Middle East oil producers and hurt global economic growth.
Light Sweet Crude Oil futures for April delivery rose to $96.77 a barrel, up $1.35 from yesterday’s close. On Tuesday, the oil surged over 6 percent on Middle East tensions to settle at $95.42.
The loonie reached a 13-day low of 1.3639 against the euro and 83.28 against the yen around 9:30 am ET, down from yesterday’s closing values of 1.3528 and 83.58, respectively. On the downside, the Canadian currency may target support levels at 82.80 against the yen and 1.3660 against the euro.
Eurozone industrial new orders rose 2.1% month-on-month in December, the European Union statistical agency Eurostat said today. Economists had forecast a decline of 1% following a revised 2.2% increase in November.
Compared to December 2009, industrial orders were up 18.5% in the final month of 2010. That beat an expected growth of 16.2%. In November, orders surged 20%.
Against the US dollar, the Canadian dollar fell to a 12-day low of 0.9940 around 9:10 am ET and this may be compared to yesterday’s close of 0.9909. If the loonie weakens further, 0.9990 is seen as the next likely target level. The pair is presently trading at 0.9930.
Looking ahead in the data front across the boarder, the National Association of Realtors is scheduled to release its report on existing home sales for January at 10:00 AM ET. Economists estimate existing home sales of 5.25 million for the month after posting a rate of 5.28 million for December.
I’m impressed, I must say. Seldom do I encounter a blog that’s both educative and engaging, and without a doubt, you’ve hit the nail on the head. The problem is something that too few men and women are speaking intelligently about. Now i’m very happy I came across this in my hunt for something relating to this.
Aw, this was a really nice post. Finding the time and actual effort to generate a great article… but what can I say… I procrastinate a whole lot and don’t seem to get nearly anything done.
Greetings! I know this is kind of off topic but I was wondering if you
knew where I could get a captcha plugin for my comment form?
I’m using the same blog platform as yours and I’m having
difficulty finding one? Thanks a lot!
The DUP method was made that will help you build muscle and get the results you might be in search of.
With a good tool to work with I would get all my required information within seconds without opening pages after pages.
Quality is usually the most important aspect of all
products and services, but in this case, quantity also matters as you need as many links to your web page as you can get in order to attract
targeted traffic and help your website keep a higher rank in the search engines’
results for a longer time. BING WEBMASTER TOOLSThis is similar to Google’s set in that it helps webmasters make their sites more visible to the search engines.
Good post. I will be facing many of these issues
as well..
Ahaa, its fastidious dialogue on the topic of this article here at this webpage, I have read all that, so now me also commenting here.
Have you ever thought about including a little bit more than just your
articles? I mean, what you say is fundamental and all. Nevertheless
think of if you added some great graphics or videos to give your posts
more, “pop”! Your content is excellent but with pics and video clips, this blog could certainly
be one of the most beneficial in its niche. Great blog!
Do you have a spam issue on this blog; I also am a blogger, and I was curious about your situation; we have created some nice methods and we are looking to exchange methods with others, why not shoot me an e-mail if interested.
We’ll also present you what you require to know about Clash of Clans cheats and hacks so you never lose your account or get banned.