Daily Market Commentary

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Friday 26th April, 2019

The currency markets are in a holding pattern ahead of the release of USD GDP data. Any slippage in actuals vs expectations could see a quick sell off of US$ back to March levels. US$ slipped slightly overnight against C$, despite weaker oil prices and expected increase in production from OPEC. A br...
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Thursday 25th, 2019

The US$ rally vs C$ appears to be stalling. The US$ is holding below key resistance points as stronger oil prices are having a positive impact for C$. Strong results from the US economic data today, may be needed for US$ to breach higher. A failure to break through key resistance points this week, c...
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Wednesday 24th April, 2019

US$ continued to strengthen against all major currencies overnight, with the US$ index hitting its highest level since June 2017. US$ against C$ hit its highest level for a month, but remains below key resistance point. BOC is not expected to change key rates today and despite the higher oil prices,...
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Tuesday 23rd April, 2019

Oil prices hit six month highs on the back of US tightening Iran sanctions. Stronger oil prices could have a positive impact on C$, but so far the response has been minimal. Our bias remains to buy US$ on dips against C$, with BOC expected to keep rates on hold at Wednesday’s meeting, we don&#...
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Monday April 22nd, 2019

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...
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Thursday April 18th, 2019

Yesterday’s C$ strength to new 3-week highs was very brief as the C$ reversed and is retesting the lows this morning after initial concerns over rate increases proved unfounded. C$ remains stuck in the same range of the last six weeks, but we continue to look for opportunities to buy US$. The US$ ...
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Wednesday April 17th, 2019

The C$ rallied near to the highs of the month this morning on election news of a pro-growth party in Alberta. However, the C$ is in an ever tightening range that we believe will be resolved to the downside. The US$ is lower overnight on reports of strong growth in China that might lead to […]...
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Tuesday April 16th,2019

The C$ is testing the lows of the last 2 weeks this morning on rumours the Bank of Canada might lower rates to stimulate the economy. We believe the overall trend is towards a weaker C$ and any strength is a selling opportunity. After rallying overnight, the US$ fell back and is opening unchanged in...
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Monday April 15th, 2019

The US$ is retesting the 2-week lows reached on Friday in quiet overnight trading. We see further weakness today as a buying opportunity in a long-term upward trend. Despite lower oil and metals prices the C$ is stronger overnight on hopes of an economic recovery in Asia. However, we see strength th...
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Friday April 12th, 2019

The C$ rebounded overnight returning to yesterdays highs on a recovery in oil prices. The C$ might strengthen a bit more this morning as oil remains strong but it’s a good selling opportunity. The US$ has fallen overnight approaching the 2-week lows on a lack of progress in global trade talks. We ...
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