FXstreet.com (Barcelona) - Canada saw its annualized new housing price index dropping from 2.4% to 2.3% in June and a wider international trade deficit from $-0.95B to $-1.81B in June. However, the Canadian Loonie is in strength as it takes the USD/CAD down below May-7 low, 0.9925, to find a new one at 0.9913.
According to Jamie Coleman, analyst at Forexlive.com, the move is being triggered by a Swiss commodity trading and mining company acquisition of a Canadian Agri-business: “Traders are chalking up the move the closing of Glencore’s acquisition of Canada’s Vittera”.
“The trend lower remains technically strong but we remain concerned that the CAD looks a little rich against the USD at least here”, wrote TD Securities analysts, pointing to support at 0.9930 and resistance at 0.9985.
According to Jamie Coleman, analyst at Forexlive.com, the move is being triggered by a Swiss commodity trading and mining company acquisition of a Canadian Agri-business: “Traders are chalking up the move the closing of Glencore’s acquisition of Canada’s Vittera”.
“The trend lower remains technically strong but we remain concerned that the CAD looks a little rich against the USD at least here”, wrote TD Securities analysts, pointing to support at 0.9930 and resistance at 0.9985.
