Despite a modest upside correction in the U.S. dollar/Canadian dollar rate (USD/CAD) into mid October, the overriding longterm bear trend remains intact and currency watchers expect renewed weakness in this pair into year-end.
Since early 2002, the Canadian dollar has been in a strong appreciation mode, and for now that long term trend is in force, analysts say. The USD/CAD has plunged from a record-high $1.61 in January 2002 to the lowest levels in more than a decade at $1.1586 in September 2005. “It is the currency in vogue right now,” says Tim Mazanec, senior FX strategist at Investor’s Bank & Trust Co.
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