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Canadian Dollar Update

By Updates (2013-2014)

Expected USD/CAD Range: 1.108 – 1.113

Update: The Canadian dollar is flat overnight after weakening slightly during the day yesterday. The loonie is currently at 1.110 against the US dollar. With the exception of a read on US wholesale inventory levels later this morning, few economic data points are expected today or tomorrow. With commodity and energy prices flat and the US dollar mixed against most majors, we expect little volatility unless geopolitical events intervene.

The Big Picture: The Bank of Canada remains cautiously optimistic on the Canadian economy but dropped its tightening bias in October. Indeed, at the moment, the primary concern of Governor Poloz seems to be inflation rates that are well below the Bank’s 2% target and the …

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Canadian Dollar Update

By Updates (2013-2014)

Expected USD/CAD Range: 1.105 – 1.112

Update: Friday’s weaker than expected jobs gains and trade data continue to be the main story today for the Canadian dollar. That data, along with a much stronger than expected US jobs report, has the Canadian dollar trading at near two week lows. Also, contributing to loonie weakness are weak commodity prices resulting from data showing Chinese exports fell by more than expected in February. This morning’s housing starts data in Canada confirmed that housing remains strong and that the much needed rotation into exports and away from housing has not yet happened in Canada.

The Big Picture: The Bank of Canada remains cautiously optimistic on the Canadian economy but dropped its tightening bias in October. Indeed, at the moment, the primary concern of Governor Poloz seems to be inflation rates that are well below the Bank’s 2% target and the …

Read More