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Both highly appreciated EUR and CAD will come up for discussion in G7

Fri, Oct 5 2007, 14:59 GMT
by Tatsuya Kawanishi

FXstreet.com


Both highly appreciated EUR and CAD will come up for discussion in G7 (Oct 19th to 20th in Washington). USD/CAD has established a historical rearod, while the EUR/USD smashes its own record high almost every day. This is because not only the U.S. credit crisis but also various factors, like the high oil price, the overall U.S.ecnomic ressesion , the enormous current-account deficit, and the relative weakness of U.S.status. USD/CAD has drawn a gradual down trend line since March. The pair had moved sideways around the price at 1.0567 from June to September. In the mid Sept, however, the pair fell down again with a new all-time low set today, October 5, @ 0.9850. It is unclear if this low will be a bottom for the USD or not.

USD/CAD chart


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