Monday, April 30, 2007

Loonie Generally Higher Early Monday, Monday, April 30, 2007 6:01:16 AM

The Canadian dollar traded higher against the euro and the pound during the European session on Monday. Against the dollar and the yen, the loonie weakened initially, but reversing the trend, the Canadian currency stood higher towards the end of the session.

At 8:30 am ET, the Canadian GDP report for the month of February is expected, and the market is keenly waiting for the same. The US personal income and expenditure data for March and Chicago purchasing manager`s index for April are also slated for release during the North American session of the day. .

The dollar ticked higher against the Canadian currency during the early Monday deals in New York, and the pair collected as high as 1.1199 at 2:30 am ET. The pair dropped off these gains by about 4:00 am, but reversed the trend, after that. Lately, the loonie regained its momentum, and at 5:45 am ET, the pair was quoted at 1.1152.

During the very early deals on Monday in New York, the euro collected as much as 1.5244 Canadian dollars at 2:30 am ET, which constituted the session`s high of the pair. Losing ground at that time, the pair reversed its trend at 4:00 am, but the Canadian currency started ticking up shortly thereafter. At 5:45 am ET, the euro was equal to 1.5152.

The Canadian currency showed weakness against the pound early Monday in New York. This made the pair collect as high as 2.2343 at 2:55 am ET. The loonie then drifted higher, and at 5:45 am ET, the sterling equaled 2.2214 Canadian dollars.

The Canadian dollar trended down against the Japanese yen into the early deals on Monday in New York. the pair thus hit its session`s low at 106.70 at 2:35 am ET. The loonie then rebounded but at 4:00 am, lost ground again. Of late, the pair ticked upwards once again, and at 5:45 am ET, it fetched 107.34.
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