In the last five days the best performers among the majors have been, in order, AUD, CAD, and NZD. How do you say “commodity currencies” on top in Aussie or…
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Expected USD/CAD Range: 1.032 – 1.037 Update: The Canadian dollar is mildly stronger this morning after a report out of the euro area indicated stronger than expected economic growth and…
Expected USD/CAD Range: 1.032 – 1.039 Update: US retail sale figures this morning increased for a fourth straight month and came in slightly above expectations (when measured ex-Autos). As a…
Expected USD/CAD Range: 1.029 – 1.035
Update: On Friday, the Canadian Dollar was strong despite a very weak jobs number, helped by strong commodity prices and the perception that the very weak jobs numbers was a blip on the data screen. There is little on the calendar in terms of economic news today and the market is looking at the retail sales data out of the US tomorrow for guidance. The announcement that Blackberry may be sold will not have an impact on the value of USD/CAD as the company is too small and at this point the possibility of a sale too uncertain.
The Big Picture: The commodity boom has seemingly ended (or is at least sputtering). Relatedly, Chinese and other emerging market economies have …
Expected USD/CAD Range: 1.032 – 1.040
Update: Employment figures out this morning in Canada show a collapse in job creation in July. Expectations were for an increase of 10k but the actual figure was a loss of 39k jobs. Quebec was the worst-performing province with 30k jobs lost and Alberta was the best performer with 17k jobs created. Ontario came in flat. The Canadian Dollar reacted immediately by giving up 60 pips to trade around 1.035. We continue to believe that the relative economic performance of the two countries as reflected in the data over the next few weeks will be the driving factor for USD/CAD rate in the near future.
The Big Picture: The commodity boom has seemingly ended (or is at least sputtering). Relatedly, Chinese and other emerging market economies have …
As indicated by the table below, the Canadian Dollar has been the worst-performing major currency against the US Dollar in the last five days. In fact, the Loonie is the…
Expected USD/CAD Range: 1.038 – 1.045
Update: Housing price figures in Canada and jobs numbers in the US came in at slightly better than expected levels this morning. The currency market barely reacted with the Loonie strengthening slightly but continuing to trade at around three week lows against the US Dollar. Markets are now focused on employment numbers in Canada due to be released tomorrow at 8.30.
The Big Picture: The commodity boom has seemingly ended (or is at least sputtering). Relatedly, Chinese and other emerging market economies have …
Expected USD/CAD Range: 1.039 – 1.047
Update: The US Dollar is trading at the highest level in about three weeks against the Loonie and we suggest sellers of US Dollars take advantage of the move. Markets globally are in “risk-off” mode and not surprisingly the Canadian Dollar is declining. In fact, the Canadian Dollar is the worst performer of the majors so far today. The markets are again considering the implications of a global tightening of monetary policy with the focus this time on the Bank of England’s somewhat hawkish language. Yesterday, two separate Federal Reserve officials indicated that the expected “tapering” in the United States could begin as early as September. In Canada, the only notable economic data point of the day was building permits which showed significant weakness (down 10.3% vs. an expected decline of 2.8%) adding to the Loonie’s weakness.
The Big Picture: The commodity boom has seemingly ended (or is at least sputtering). Relatedly, Chinese and other emerging market economies have …
Expected USD/CAD Range: 1.035 – 1.040
Update: After an eventful week of central bank watching, the focus for the Canadian Dollar now turns to economic data with the jobs data on Friday a big focus for the Loonie. There is some speculation in the market that the weak jobs number out of the US last week might be reason to think that the Canadian employment figures will also come in below expectations. Given the focus that the Central Bank has shown in the past on housing prices, we will also be watching housing numbers out later this week in Canada.
The Big Picture: The commodity boom has seemingly ended (or is at least sputtering). Relatedly, Chinese and other emerging market economies have …
Expected USD/CAD Range: 1.029 – 1.037
Update: Slightly weaker than expected growth figures in Canada and stronger than expected growth figures in the US have moved the loonie lower against the greenback. We continue to expect more volatility during the day as the markets await any additional color on the timing of “tapering” by the Fed 2 pm.
The Big Picture: The commodity boom has seemingly ended (or is at least sputtering). Relatedly, Chinese and other emerging market economies have …