U.S. markets are closed for Martin Luther King Day so price action is expected to remain muted throughout the North American session.
Model names and momentum accounts are looking at buying Canada and (International Money Market futures) names are on it already.
Given the Fed's middle-of-the-road statement that the end is somewhere nearer rather than further, it implies that the (U.S.-Canada) interest rate differential is going to narrow, and that is favorable for the Canadian dollar.
He repeated the call for modest interest rate increases.
I see a test, and a successful one at that, through the 14-year high.
Price action is still (pushing the U.S. dollar lower against Canada) given the price of commodities and energy, which are both supportive of the Canadian dollar going forward.
The upcoming election on Jan. 23 isn't likely to have a negative impact on the Canadian dollar. Nor should it.
There's been corporate support for dollar/Canada all the way down here. Model funds, momentum types, technical traders are still looking at buying the Canadian dollar even above 88 cents.
The news was all, on balance, positive for the Canadian dollar.
The number underscores economic strength in the country. Bank of Canada may continue its hawkish stance. This is supportive to the Canadian dollar.
The U.S. dollar is under pressure today, which is dominating price action throughout the North American session.
There's support for the Canadian dollar because fundamentally the numbers that were released this morning were still not bad enough to continue to see the Canadian dollar weaken.
After the payroll data was released, it was more or less U.S. dollar buying across the board, but Canada's reaction was muted when compared with other currencies.
The Canadian dollar appears to be the North American play, and the proxy for all things that are good in a North American economy with a commodity add-on.
I'm looking for dollar/Canada to trade within the well-defined C$1.1370-C$1.15 range ahead of the tier-one economic releases that are out this Friday.
Canada looks to be a buy not only against the U.S. dollar but the euro as well.
I do see the Bank of Canada looking to raise rates, and the converging yield curve between Canada and the United States will continue to underpin the Canadian dollar.
A hawkish tone is already priced into the markets, both in the yield curve and on the currency. It was the big event risk of the week and he did live up to market expectations.
The domestic payroll numbers were extraordinary, well ahead of expectations, and very supportive of the currency going forward.
