Canadian Currency Rises To 5-day High Against Yen March 19, 2008
Posted by malibusac in Currency News.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
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(RTTNews) – During early Asian trading on Wednesday, the Canadian currency climbed to a 5-day high against the yen due to across the board weakening of the yen. The yen dropped as rally in stock prices encouraged investors to buy higher yielding assets with money borrowed from Japan.
The loonie also showed strength against its US and European counterparts and reached 2-day highs. But the loonie slipped against the aussie during this time period.
The loonie that closed yesterday’s trading at 0.9926 against the greenback reached a 2-day high of 0.9889 at about 6:45 pm ET. The next upside target level for the loonie is seen around 0.983 against the greenback.
The US Federal Reserve lowered its interest rates by 75 basis points to 2.25% yesterday to help the economy falling from a recession.
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