Canada's had a rough ride the last little while and it started with the March Bank of Canada meeting. |
Certainly the commodities are causing a little bit of concern to the Canada bulls, but I think it's just a little bit of a short-term story. |
I think we needed a little pause from the (U.S.) dollar selling and we certainly got it today. The commodities led the way. |
I'm not surprised to see the currency take a little bit of a pause heading into the weekend. |
It had a really good try below C$1.15 earlier and failed. We've had some pretty wild ranges in the last couple of days, so I'm not surprised to see a little bit of a breather. |
It seems like all the currencies are pretty well stuck in some pretty tight ranges, and I think everybody's getting probably lulled into a false sense of security. |
It's almost a bit of exhaustion on the (U.S. dollar) side and obviously a bit of a bounce in some of the commodities today. |
It's really endurance to go up (the hill). That's what made it different ? it was harder than I thought. |
Obviously, as the U.S. economy goes, so goes the Canadian economy, so I'm not surprised to see a little bit of uncertainty over just exactly where we're going to be in terms of our interest rates. |
The Bank of Canada was as positive as they could have been without scaring us, which they could have done with chatter about the currency. That bodes well for more Canada (dollar) strength. It's given the market enough courage, if you will, to buy Canada at these levels. |
The market's talking up 5 percent (fed funds rate) now, and so I think the market is clearly expecting him to be more hawkish. |
The way it's traded today, we probably do have a chance to get back to the C$1.14 (87.72 U.S. cents) area again. |