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The consolidative price action this morning provides traders with a taste of what we can expect for the next 2 weeks. The holidays are upon us and they are typically characterized by low volatility, thin trading volumes and narrow ranges. Occasionally there are breakout moves driven by year end position adjustments and today’s price action in currencies is indicative of profit taking.
The best performing currency and the biggest mover today is the Canadian dollar. Of course, it doesn’t mean much when the move is less than 0.5%. Canada maintained a steady pace of growth of 0.3% in the month of October but on a year over year basis, the economy expanded by 2.7%, up from 2.4%. Not only was this significantly faster than the previous month but also the strongest pace of growth since May 2012.
The best performing currency and the biggest mover today is the Canadian dollar. Of course, it doesn’t mean much when the move is less than 0.5%. Canada maintained a steady pace of growth of 0.3% in the month of October but on a year over year basis, the economy expanded by 2.7%, up from 2.4%. Not only was this significantly faster than the previous month but also the strongest pace of growth since May 2012.
