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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