Expected USD/CAD Range: 1.030 – 1.035
Update: As we head into the monthly announcement by the Bank of Canada this morning, the Canadian Dollar is trading at its lowest level in about a week at 1.032. The loonie is down along with its commodity sisters as investors fret over news out of China suggesting that there may be an interest rate raise forthcoming from that country’s central bank. The expectation is that little news will come out of the Bank of Canada release and news conference as both the expected downgrade in growth forecasts as well as the bank’s likely policy statement have been telegraphed and priced into the market. We expect continued US Dollar strength today.
The Big Picture: The commodity boom has seemingly ended (or is at least sputtering). Relatedly, Chinese and other emerging market economies have …