The US dollar continued its strong end to 2014 by gaining over 6 cents against the pound and almost 9 cents against the euro in January.

Meanwhile, the Bank of Canada unexpectedly cut interest rates from 1.00% to 0.75%, putting more pressure on the already weak CAD/USD rate.

The European Central Bank announced last week that it is expanding its Quantitative Easing Program by an additional €10 billion a month to €60 billion. The news meant the euro lost nearly 2% against a basket of major currencies.