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Market Commentary

Canadian bonds held support very well on Friday, despite strong economic data that was released Friday (Home sales and Durables).  This looks like a reaction of an oversold market and perhaps traders might begin picking away at these levels.  That said - it's a long week ahead of us and we will have no shortage of data to drive us.  A two day Fed meeting will keep everyone guessing until Wednesday, not so much about the final decision, but the accompanying language.  The Fed Funds rate will be unchanged, and it is very unlikely that Bernanke will want to surprise the market much.

 

The CAD$ is continuing to hover just below the 1.1800 mark and doesn't really look to have much direction one way or another.  With Oil hovering in the low-mid fifties and no rate changes expected out of the BoC or the Fed in the near future, there hasn't been a lot of reasons to propel the CAD$ in one direction or another vs. the US$.  We are, in tandem with the Greenback, trending higher against other world currencies.

 



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