The roaring and booming of the Canadian dollar is because we apparently have a new Finance Minister or perhaps the government replaced Bank of Canada President David Dodge and didn't tell anyone. This gives new meaning to Petro-Dollar.
Canada's Dollar Gains by Most in a Week After Bin Laden Tape
Jan. 19 (Bloomberg) -- Canada's dollar rallied by the most in a week as the U.S. dollar fell after a man identified as al- Qaeda leader Osama bin Laden warned of more attacks against the U.S. in an audiotape broadcast by al-Jazeera television.
The Canadian currency was among seven major currencies benefiting from the sell-off of the U.S. dollar. Some traders and investors said the currency's drop to a two-month low earlier today was unwarranted given prospects for growth in the world's eighth-largest economy.
``The rise of the Canadian dollar is partly driven by the short-term selling pressure of the U.S. dollar after the tape came out,'' said George Davis, chief foreign exchange technical analyst at RBC Capital Markets in Toronto.
The speaker in the tape warned of more al-Qaeda attacks, while offering a ``long-term truce'' linked to the withdrawal of U.S. forces from Iraq and Afghanistan.
A tip o the blog to Dust My BroomTags
Canada
Canadian Dollar
economy
Bin Laden
US dollar
No comments:
Post a Comment