The C$ is stronger this morning with oil prices hitting new six-month highs. Canada’s central bank was expected to raise rates but is now likely to keep rates unchanged on its next policy date of April 24th due to a lower growth outlook. Long-term we see C$ weakening further, so view any strength as a US$ buying opportunity.
The Eur is very quiet as European markets remain closed for the Easter holidays. We see EUR slightly stronger in thin trading today.
In other news, the US Administration announced tightened trade sanctions against Iran and has given importers of Iranian oil, such as China and India, two weeks to find other sources.
- Drummond Gill