Canada’s Flaherty: unemployment to keep rising but economy stabilizing

Canadian finance minister Flaherty says that Canadian unemployment will continue to rise despite signs that the economy has stabilized.

That is the same situation that the US economy is thought to face.

USD/CAD us consolidating gains after reversing its fall to new lows for 2009 this morning at 1.0751. The short-covering rally reached 1.0905 before stalling. We trade now at 1.0875.