Canadian Dollar Monthly Outlook: December, 2017

Economic Outlook and Summary November’s Bank of Canada rate decision outlined a cautious, data dependent approach to future monetary policy tightening. Of primary importance are inflationary and employment data. The unemployment rate has declined to 5.9%, the lowest in nearly a decade, an indicator of labour market strength. However, inflation continues to lag behind the Bank of Canada’s target of

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Cyber Friday 2017 Canadian Dollar Update

he Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $56.07 and gold is at $1,289.  US futures are higher. There are no major domestic data releases scheduled for today. The Canadian dollar is soft, trading narrowly of late in the absence of domestic data. Domestic rate expectations have moderated slightly following Friday’s CPI release, as inflation

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Black Friday 2017 Canadian Dollar Update

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $55.89 and gold is at $1,285.  US futures are mixed. There are no major domestic data releases scheduled for today. The short term Canadian dollar technicals are neutral.  For today, USD resistance is at 1.2852.  Support is at 1.2730. CAD is lower this morning, following today’s release

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Canadian Employment Beats Expectations

he Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $54.72 and gold is at $1,276.  US futures are higher. Today both Canada and the US released employment data for October. The short term Canadian dollar technicals are neutral.  For today, USD resistance is at 1.2881.  Support is at 1.2643. The Canadian dollar is sharply higher early

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AUGUST GDP MISSES EXPECTATIONS

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.12 and gold is at $1,273. US futures are higher. Today Canada released GDP data for August. The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2917. Support is at 1.2845. The Canadian dollar is lower once again this morning, testing recent

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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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