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The Canadian dollar hit a fresh 2012 high in early trading Thursday, after positive news from European bond auctions, combined with a slew of minor economic releases that beat expectations. The positive news across the board led to a strong “risk on” trading tone that pushed funds away from the safe haven US dollar and into equities and commodity backed currencies.
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The Canadian dollar touched a 6-week high this morning against the USD after Canadian manufacturing data beat expectations posting +2.0% over the expected +1.0%. The Canadian dollar was trickling upwards overnight during the European trading session where French and Spanish bond auctions were highly successful, easing investor fears about Europe’s sovereign debt crisis.
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The Canadian dollar began the trading day Tuesday on a strong note as better than expected Chinese GDP proved positive for the Loonie, as a soft landing for the Chinese economy is important for not only global growth but also Canadian raw material exports. The positive sentiment towards the Canadian dollar took a hit after the Bank of Canada released their interest rate announcement at 9 am EST. To no one’s surprise the Bank of Canada left their overnight lending rate unchanged at 1%; however the accompanying statement was perceived by market participants to be more dovish than most had expected.
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The Canadian dollar gets a slight boost this morning from good news in the markets. China’s GDP release beat expectations last night where investors had been worried China’s growth during the last quarter of 2011 had slowed substantially. However, the economic release beat the projected 8.7% by +0.2% to post at a positive 8.9% which has encouraged the markets to add risk back into their portfolios.
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The Canadian dollar ended the week on a softer note as rumours of an S&P downgrade to European sovereign debt set the market in a “risk off” trading pattern. The news started as a rumour but was later confirmed by several credible sources, with the major news being that France and Austria lost their AAA credit rating.
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