Canadian Dollar Sideswiped

A Bank of Canada official sideswiped the Canadian dollar.   Yesterday BoC Deputy Governor Timothy Lane said they were closely watching the strength of the Canadian dollar.  He added that the Nafta negotiations are a risk. The Canadian dollar was overbought prior to the speech which may have exacerbated the USDCAD rally.  Prices accelerated higher, blowing through resistance at 1.2240, finally

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Canadian Dollar Hangs on to Gains

The Canadian dollar soared on Wednesday, rising 2.1% against the US dollar.  The move followed a sort of surprising Bank of Canada interest rate increase.  The BoC increased the overnight rate from 0.75% to 1.00% and issued a very upbeat sounding statement. The Bank cited: 1) stronger than expected economic data   2) Growth becoming more broadly-based and self-sustaining 3) widespread

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Canadian Dollar Under Threat of Terminating NAFTA

President Donald Trump undermined the Canadian dollar in overnight trading.  At a rally in Wyoming, the President repeated his disdain for the North American Free Trade Agreement, suggesting that the United States could not make a new deal without terminating the old agreement first. USDCAD rose to 1.2596, in part because of the Trump comments, fully reversing yesterday’s USDCAD losses

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