The Canadian dollar, affectionately known as the Loonie hit its highest level since November 2007. (Reuters)The Canadian dollar hit a Wednesday high of three and a half years in the record price of gold and stable oil prices and the experts see the Loon still highest rising at the end of next year.
The currency was up to 0.75% to peices of U.S. cents by the end of the morning, its highest level since November 2007.
But some analysts see Loon higher climbing to near the level of $1.09 at the end of next year so that it continues its satisfaction "slow, stable.
Camilla Sutton, a strategist at Scotia Capital money sees the Loon topping $1.05 at the end of this year and $1.09 at the end of 2012, helped by strong oil prices and a green soft U.S. return.
"Even if some of the pilots are favourable to a stronger CAD in 2007 today, some are also biased to a slightly lower ca." We believe that the CAD is sustainable through parity and USDCAD close this year to 0.95 and the next year to 0.92, a pattern of slow and constant assessment of the CAD over time, "Sutton said in a note to investors.
Help the rise of the Loonie is the constant rise in world oil prices.
The price of oil fluctuated over $108 per barrel Wednesday, supported by a weakening of the dollar and unrest in Libya, while a U.S. crude oil supply report showed mixed signals on request.
In early afternoon in Europe, benchmark crude for may delivery was down 17 cents to $108.17 US per barrel in electronic trade on the New York Mercantile Exchange. The contract fell 13 cents to settle at $108.34 Tuesday.
In London, Brent crude for may delivery was up 29 cents to $122.51(2) per barrel on the ICE Futures Exchange.
Doug Porter, BMO Nesbitt Burns, Assistant Chief Economist said that the relationship between oil and the price of the dollar is stable.
The notes to the Economist that an old general rule is that each $10 move in the oil price results in a shift of the Canadian dollar in the range of three and five cents US, with the corollary that $100 crude is equal to parity with the dollar.
"Well, bingo - these rules appear to be very well," Porter said in a report. "" "". The Canadian dollar appears to be almost right where it should be based only on the price of oil. ?
Investors seeking a refuge on the Nymex to $6.80 sent ingots of June contract an ounce of folder from the Tuesday close to $1,459.30 after rising as high as $1,462.10 earlier in the morning.
Prices also advanced with the may copper contract in New York before five cents $ 4.32 a pound.
The dollar also weakened the euro a day before the European Central Bank should make its first rate increase in nearly three years to deal with inflation. A quarter increase in percentage points of the main rate to 1.25% is fully priced in by markets for investors will be more interested in what the Central Bank President Jean-Claude Trichet said at his press conference.
Traders are also looking to come to an end of the week strong Canadian employment report. Statistical Canada should report Friday that the economy has added approximately 30 000 jobs in March.
During this time, buying activity in the Canadian economy topped expectations in March, according to the Ivey index managers released Friday. Index prepared by the Association of the Canada and the Richard Ivey School of Business purchasing management, reported an increase to 70.8 in March on a basis of 69.3 seasonally. Analysts expected 62.0.
A reading of 50.0 indicates that activity remained unchanged from the previous month, while a higher reading indicates an increase and a lower reading reflects a slowdown or decrease.
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