Loonie Higher To Cable And Yen, Choppy Versus Other Majors; Early Wednesday, Wednesday, May 02, 2007 6:21:21 AM

The Canadian dollar ticked higher versus the Cable and the Yen during early Wednesday trading in New York. On the other hand, the Loonie largely showed choppy trading against the dollar and the Euro. Various European economic data which were released during the session is likely to have affected the trading in the Loonie versus the Euro.

Late Tuesday in New York, the Greenback drifted higher versus the Canadian dollar. However, at about 12:05 am ET Wednesday, moving off 1.1137 the pair gave back some of its losses and touched a low of 1.1107 after about a couple of hours. Soon after, the Greenback gained some momentum and entered a loose range. As of 6:20 am Eastern Time, a Greenback was worth 1.1126 against the Loonie.

Ahead of the release of the German March ILO unemployment rate data, the Euro showed choppy trading against its Canadian counterpart in the very early deals on Wednesday. However, following the release, the pair ticked down and touched an early morning low of 1.5084 by about 3:45 am ET. The pair made some advances thereafter and showed a choppy trading again. As of 6:20 am Eastern Time, a Euro fetched 1.5103 Loonie.

Drifting lower in the overnight deals on Wednesday, the British currency traded at 2.2146 versus the Loonie at about 4:00 am ET. The Cable then advanced slightly but the pair followed a sideways movement after about an hour. As of 6:20 am Eastern Time, a Cable traded at 2.2168 Loonie.

Against the Yen, the Canadian dollar showed weakness during the small morning hours on Wednesday. Off 107.51 by about 1:55 am ET, the pair bounced back completely and steadied further higher. As of 6:20 am Eastern Time, a Loonie was quoted at 107.95 Yen.

Copyright © 2007 RTTNews.com. All Rights Reserved.