The U.S. dollar may advance for a third day against the Euro after the European currency did not exceed a level above $1.50 that trading patterns predicted in TradeView pro trading platform. The U.S. greenback also rose yesterday against the Norwegian krone after rumors about a drop in stocks discouraged investors from buying higher-yielding currencies.
Canada’s dollar depreciated to the lowest level in almost three weeks as the head of the nation’s central bank reiterated concern the currency has grown too strong and crude oil and stocks tumbled.
The Canadian currency dropped today, as Bank of Canada Governor Mark Carney increased warnings made last week by him in a policy meeting and a quarterly report that it’s increasing strength is a threat to economic recovery. The Canadian dollar, nicknamed the Loonie for the image of the aquatic bird on the C$1 coin, came within three cents of parity with the U.S. dollar this month.
An over depreciation of Canadian Currency could damage seriously Canadian exporters wealth, as you know Canada is one of the biggest exporters of commodities in the entire world.