I have been very bearish the Canadian dollar for the past few weeks, calling for a move to the 1.30 level on my blog and on Canada’s Business News Network.
As promised, the break of 1.30 was fierce with USD/CAD racing to a high of 1.30669. A number of stops were sitting at or above the 1.30 level, so when that price point was reached, the currency pair ran quickly higher. On an intraday basis, the Canadian dollar has fallen to the lowest level against the US dollar since 2004.
There is alot to be worried about when it comes to the Canadian economy. Employment numbers are due on Friday and I think they will be weak.
