Coelacanth

Are the Tides Turning for the Canadian Dollar?

Hmmmm..... I don't follow this pair but you may be on to something here Ms. Lien.

Secretary Peters said that Americans drove 9.6 billion fewer vehicle-miles traveled (VMT) in May 2008 than in May 2007, according to the Federal Highway Administration data. This is the LARGEST drop in VMT for any May, which typically reflects increased traffic due to Memorial Day vacations and the beginning of Summer, AND THIS IS THE THIRD-LARGEST MONTHLY DROP IN THE 66 YEARS SUCH DATA HAVE BEEN RECORDED. Three of the largest single-month declines - each topping 9 billion miles - have occured in December.

To boot this is a May report and given the further increases in gasoline prices in June and July it's very plausible that gasoline demand worsened. If oil prices continue to ebb we could see a bullish USD break-out against the Loonie.

www.dot.gov/affairs/do...