Canadian Dollar could return to peak this month

Oil prices are now broke to fresh yearly maxima above $ 71 a barrel, while the base metals market and the stock market has also been a very positive attitude, which has a beneficial impact on the Canadian currency, which now enjoys good demand in a couple of yen, where it reached Many fresh highs, as well as paired with the U.S. dollar. In the fall of the dollar / Canada has reached a level close to C $ 1.0940, but the buyers stepped up, supporting a pair of rebound to C $ 1.1030, though the mood still remains a bear. Bank of Canada's recent hints that the growth rate of national currency can reverse the effects of some improvements in the economy, led by loonie bulls to temper the zeal of a few and be more careful, but fears about the growth of the Canadian dollar remained in the shadow of hope for a sizeable global recovery economy. Barclays Capital Currency strategists point out that in such circumstances from the dollar / Canada is expected to further decline, especially because such favors the current technical picture. The bank noted that the pair remains steady down trend, and they warn that support for a breakthrough on the C $ 1.0930 will indicate the formation of a new wave of reduction in the direction of the recent minima around C $ 1.0785.