Mystery Buyer of Cdn. pushes up the Loonie! ;)

CBC News


The Canadian dollar rose sharply Thursday, amid rumours of a mystery buyer active in the currency markets.

The loonie closed up 1.28 cents to 99.61 cents US, gaining 2.2 cents in two days.

The Canadian dollar closed at 99.61 cents US Thursday, up 1.28 cents. (Paul Chiasson/Canadian Press)
Traders regard the loonie as a commodity-based currency, much like the Australian and New Zealand dollars, but the Canadian dollar's sharp rise outpaced those currencies and commodities themselves.

That's prompted a rumour that there's a large buyer of Canadian dollars in the market, Camilla Sutton, chief currency strategist at Scotia Capital, told CBC News.

But Sutton said if there is such a buyer, there's no way to know who it is.

"Your speculation is as good as mine," she said. "It's very hard to quantify and it may be something that nobody ever finds out about."

"The foreign exchange market is huge and so it would take a significant flow, it's not just somebody buying a million dollars because they're looking at buying a property or something, it would have to be something far larger than that."



Read more: http://www.cbc.ca/money/story/2010/12/02/dollar-gains.html#ixzz173JCaSyT

Loonie up almost a penny and a half US

Yesterday, the North American stocks markets rallied, as a report showed small businesses in the U.S. were hiring more workers and the European Central Bank indicated it will do whatever is necessary to support the financial stability of member countries.

In Toronto, the S&P/TSX composite index finished the day up 195.5 points, or 1.5 per cent, to 13,148.3.


The Canadian dollar closed up 0.92 cents to 98.33 cents US as other global currencies also made strides against the U.S. dollar.

Today the Loonie continues to rise to 98.95 as of this morning. This is due to the high earnings report from the major banks here in Canada. It isn't a wonder that the Banks are doing so well as we as investors get nothing back in return, they get to use our money and we get no interest or very little. I make more in a month picking up Pop Bottles for one afternoon a month along the HWY than we get from our various bank accounts.

Here is a little twist. I get to borrow money interest free from a Major Credit Card for a year. Now should we default the 30% interest would be lethal.

So one of our Credit Card Companies is offering us a chance to borrow up to 32,000 which is my limit; interest free for a year. I plan to borrow 10,000 put it in the PC and add it to our Tax Free interest Savings Account as we will get an extra 2.50% for the first 6 months of this year on all new deposits over and above the 1% now. Weird or what. Save me having to pick up empty bottles on the road side!

This way get to Max out our TFSA for another year for the two of us, and if anything goes really sour can cash it in and pay off the loan immediately instead of 8 months down the road.

Only in Canada . Eh