It doesn't get any easier. I wish this thing would have a little bit of a corrective bounce, and I could relax a little bit, but it's not happening here. |
It introduces a little more uncertainty into the marketplace in the sense that most people were expecting some sort of action by the end of December at the latest. |
It seemed to be a little bit more of profit-taking and short-covering ahead of tomorrow's interest rate announcement than anything else. |
It was a cold winter night, as I remember it. We were playing a Cary Grant movie or something like that and he suddenly appeared and held the door open for seniors. |
It weakened off initially when the data came out, and then we've seen the market come back a little bit. |
It's been extremely volatile in this pair, especially with the upcoming elections in Canada. |
Just given the fact the market wasn't able to push the Canadian dollar above that 12-year high that was set last November, I think that caused a few people to look at taking some profits on some of their long Canadian dollar positions. |
Last week we saw oil give back a sizable amount of recent gains and I just think that given the fact that we have seen some weakness in oil prices as a result of that, that's weighed on the Canadian dollar as well, |
Last week we saw oil give back a sizable amount of recent gains and I just think that given the fact that we have seen some weakness in oil prices as a result of that, that's weighed on the Canadian dollar as well. |
On balance, they were hawkish comments that basically indicate that there's more rate hikes to come, ... We saw the market basically turn into net buyers after that. |
Over the last couple of days we've tried to break past C$1.1650 (85.83 U.S. cents) and we really haven't been able to do it, and I think what we're starting to see now is some profit-taking, not only on dollar/Canada positions, but on cross positions. |
Prices will have to close below this level in order to produce new additional downside price momentum. |
Since Friday, we've seen the Canadian dollar do very well against the crosses, particularly against the euro and the sterling. That seems to be driving most of the Canadian dollar gains right now. |
That allowed the Canadian dollar to basically move back toward the 14-year high that we saw in early March. |
That seemed to change the texture of the market, given that the accompanying statement from the bank was a little bit more on the hawkish side of expectations, |