Oil prices along with the Canadian dollar due to China announcing a major tax cut after an annual report by the country’s premier lowered targets for the expansion in gross domestic product to the slowest in almost three decades. Meanwhile, analysts are expecting a gain in U.S. crude stockpiles in this week’s inventory report which is due tomorrow. The Canadian dollar will likely stay in a narrow range today until tomorrow’s Bank of Canada rate announcement, expectations are that there will no hike, however analysts will be looking for some direction within the actual announcement.
Currently Close Range
USDCAD 1.3350 1.3303 1.3302-1.3380
EURCAD 1.5085 1.5085 1.5071-1.5126
GBPCAD 1.7534 1.7534 1.7485-1.7604
US: New Home Sales December 599K 621K
ISM Non-Mfg Index February 56.7 59.7