Forex: USD/CAD descends to a 4-day low

on Jul 10, 2013
Listen Wednesday July 10th:_ The USD/CAD has been falling for a third consecutive day as traders place bets on a stronger US currency in the event of a wind-back of federal stimulus. In mid-European session today the pair descended to its lowest point since last Friday at 1.0493, a drop of 0.42 percent to this point.

In the absence of any significant economic data from Canada today, the USD/CAD has continued the pattern of sideways, consolidative trading that has prevailed since the beginning of the week, when the quote recorded an intraday high at 1.0583. At the day’s current low, the pair has shed 0.90 percent in the past three days.
The Canadian New Housing Price Index for May on an annual and monthly basis is due to be released at 13:30 BST tomorrow.