Friday, September 26, 2008

Canadian Dollar Shows Mild Strength Versus Majors, Friday, September 26, 2008 12:53:59 PM

The loonie showed mild strength against its major counterparts on Friday in New York, most notably reaching a fresh weekly high against the euro.

Crude oil dropped on Friday as the ongoing problems in the U.S. financial sector could continue to cause traders to feel energy demand could be dragged lower. Light sweet crude for November delivery moved to $105.67, down $2.35 on the session. Prices hit as low as $104.25 in overnight deals.

The Canadian dollar experienced choppy trading with the U.S. dollar on Friday. The pair bounced between 1.0372 and 1.0314 throughout the day, staying just below Thursday`s multi-month high.

Investors weighed a slew of reports showing U.S. gross domestic product and personal consumption fell unexpectedly in the second quarter, while a University of Michigan survey showed consumer confidence dropped more than expected in September.

The loonie climbed to a fresh weekly high versus the euro on Friday. The Canadian dollar advanced to 1.5071 just after 6:00 am ET, up from an early morning low of 1.5164. Traders pondered a report showing French gross domestic product contracted at an expected rate in the second quarter.


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