Canadian dollar September 9, 2010
USD/CAD retreated and extended the decline. Bank 1.07of Canada raised benchmark interest rate from 0.75% to 1.06 1.00% and signaled it may further raise rate in this year. The elevating interest rate outlook supported the momentum of 1.05CAD. In addition, N.Y. crude future climbed with the overall 1.04 sentiment and consolidated on $75/barrel, with may support the near term downtrend of USD/CAD. 1.03 1.02Technical. USD/CAD may retest 1.0250 as near term 8/9 8/16 8/23 8/30 9/6Source: Bloomberg LP, SCB support and the next major support is 1.01.