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Canadian dollar weaker, USD stronger against most currencies

By MoneyWay | Jan 11, 2021

The USD is stronger to most currencies as U.S. interest rates climb. The nominal yield on benchmark 10-year U.S. debt is up more than 20 basis points to 1.1187% this year, helping the dollar to rise to a one-month high of 104.20 against the Japanese yen. The USD has gained 1.3% from its three year low versus the basket of major currencies. Traders are starting to change their views that the USD may touched bottom and will likely move to higher levels.

The USDCAD is now trading over its 30-day simple moving average of 1.29547 and if it closes above this, then 1.27942 is in the cards, which is the 60-day simple moving average.

In Washington, the Democrats have introduced a second article of impeachment against President Trump, whether it can be done quickly remains to be seen, as his last day in office is January 20, nine days from now.

Cryptocurrencies took it on the chin this morning, the overall market fell by $200 billion dollars with Bitcoin falling over 18%, and Ethereum falling over 26%, analysts attributed the loss to profit taking or everyone ran for the door at the same time.

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