Forex Traders Rejoice as Stocks in Canada Rise

Canadian Stocks

Though the Canadian market was not absolutely immune to the financial crisis, it was pretty much able to hold its ground while other big economies showed signs of breaking down. Even now when the global economic crisis seems far from being over, Canadian stocks are showing signs of health which is in turn making forex traders happy. It is now being opined that the stocks in Canada may rise further depending on the increased earnings of the companies. However, the biggest gainers in the Canadian market have been the banks.

The Advance of the Stocks

Stock ExhangeThe Canadian stocks achieved a straight monthly gain for the third time in a row after they rose based on the earnings by the banks. In fact the stocks of the banks contributed most in the rise of S&P/TSX Index. Royal Bank, the largest lender in Canada rose by 54 Canadian cents to stop at C$64.02. Toronto-Dominion Bank arrived at C$84.85 by climbing 0.7 percent. The bank also reported a really of 21 percent in the first quarter profit. Among other stocks, Canadian National Railway Co. added C$2.98 and finished at C$104.66 depending on the increased rail traffic in North America. The Standard & Poor’s/TSX Composite Index added 0.7 percent or 89.44 points to finish at 12,821.83. Its overall gain in February is 1.1 percent which is a third straight monthly gain.

Forex Traders Rejoice

There is enough reason for forex traders to rejoice, especially when the Canadian stocks are bringing good news amid global economic crisis. According to some traders sentiment is ruling the market and therefore it is time to speed up. Some others are saying that it is important to buy right now in order to avoid losses on the upside. It means that the market top is gradually coming closer. It is true that good performance by companies instills confidence in traders and this is why the earnings of Canadian banks have made the traders happy and optimistic about the market.

However, it is to be kept in mind that the economic crisis is not yet over and the situation may change drastically within a few days. So, forex traders have to keep a close watch on the market developments in order to take the right decision at the right moment. Traders can also take the help of forex experts in order to have a proper guidance in this regard.

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