The Canada dollar has traded equal to the U.S. dollar for the first time since July 2008. The Canadian dollar, also nicknamed the loonie for the aquatic bird on the C$1 coin, is being supported by the rising price of crude oil and the prospect of higher interest rates. The last time the Canadian dollar traded at par with the U.S dollar was on July 22, 2008, 11 days after crude, the country’s biggest export, reached a record $147.27 a barrel. Crude oil has just traded at a new 18-month high.” The action-reaction projections, on the chart below, suggest the loonie will continue to climb and surpass the dollar as it moves towards the April 15th reversal swing date. The current target objective is at the down-sloping reaction line. Continue to monitor the Traders Market Views Swing Trade report for updates on this market.
