1 Dec 2014
Commodities aiding the Canadian dollar- TD Securities
FXStreet (Guatemala) - Shaun Osbourne, Chief FX Strategist at TD Securities suggested that a modest rebound in crude oil prices seems to be helping the USD/CAD pare back some of ground it lost as it slid precipitously in tandem with WTI prices over the Thanksgiving holiday.
Key Quotes:
"Things will get more interesting in the coming days with the BoC meeting on Wednesday and dual US and Canadian International Trade and Employment reports on Friday."
"Regarding the BoC, we expect the communique to strike a neutral bias, balancing the detrimental impact of lower crude oil prices on Canadian exports and fixed investments with its beneficial effect on consumers both sides of the border, while also noting the impact of lower energy prices on already subdued inflation dynamics globally, and highlighting the potential dampening effect on Canadian inflation as well”.
“Note that, although there will be no press conference after the announcement, Governor Poloz will be doing an on-stage interview at the Canada Summit organized by The Economist in Toronto later that day."
"Given that we are not expecting any major news from the BoC, commodity prices in general, and crude oil prices in particular should remain more of a commanding force on the CAD in the coming days."
Key Quotes:
"Things will get more interesting in the coming days with the BoC meeting on Wednesday and dual US and Canadian International Trade and Employment reports on Friday."
"Regarding the BoC, we expect the communique to strike a neutral bias, balancing the detrimental impact of lower crude oil prices on Canadian exports and fixed investments with its beneficial effect on consumers both sides of the border, while also noting the impact of lower energy prices on already subdued inflation dynamics globally, and highlighting the potential dampening effect on Canadian inflation as well”.
“Note that, although there will be no press conference after the announcement, Governor Poloz will be doing an on-stage interview at the Canada Summit organized by The Economist in Toronto later that day."
"Given that we are not expecting any major news from the BoC, commodity prices in general, and crude oil prices in particular should remain more of a commanding force on the CAD in the coming days."