US Dollar Skins Against the Canadian Dollar
United States dollar skins against the Canadian dollar on Monday trade, because forex investors were gleaning their profits as a result of the US dollar previous great increase against the reduced housing report value of Canada.
In the early hours of trade on Monday, the US Dollar against the Canadian Dollar was as low as 1.2574, but at the end of trade it remained at 1.2588, going down by 0.27 percent. Analising previous values for the trading pair, the highest recent value was 1.2664 recorded for 24th February and the lowest value of 1.2453 of 6th March.
The United States dollar greatly solidified following the report published by the government on Friday indicating an addition of 295,000 employment to the economy in the month of February, this exceeded the value of 240,000 expected by economic analyst. The rate of jobless people dropped from 5.7 percent in January to 5.5 percent in February- being the lowest value since the month of May 2008. By this good report expectation of an interest rate hike has been boosted.
However, the housing rates in Canada increased on Monday to 156,300 units in the month of February lower than the forecasted increase of 179,000.
The Euro against the Canadian dollar dropped 0.13 percent down to 1.3667.