The Canadian Dollar futures plunged to 92.81 this morning, the lowest mark since May 25th 2010! We are now at 3 1/2 year lows.
The dollar was driven lower this morning by a combination of weak trade data and a disappointing Ivey PMI number. That added fuel to the fire of speculators taking a huge bearish bet of over 5.5 billion against the loonie. Most of the big banks in Canada have a Q1 target of around 90 cents for the loonie showing that we may have more room to go.
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