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Bleak Bank of Canada report, lower oil prices and wider trade numbers leave Canadian dollar battered

By MoneyWay | Mar 6, 2019

The Bank of Canada partially backed away from its commitment to hike interest rates, “Governing Council judges that the outlook continues to warrant a policy interest rate that is below its neutral range,” the Bank of Canada said in its statement. “Given the mixed picture that the data present, it will take time to gauge the persistence of below-potential growth and the implications for the inflation outlook.” This means there is no set time for the next hike, which looks like it will be some time.

The combination of lower oil prices and a weaker economy caused Canada’s trade deficit to grow to a record level, the $4.6 billion deficit was double expectations. Oil exports fell 3.8% which had the most impact on the trade numbers.

Currently             Close                     Range

USDCAD               1.3435                   1.3350                   1.3350-1.3457

EURCAD               1.5206                   1.5096                   1.5092-1.5218

GBPCAD               1.7665                   1.7592                   1.7543-1.7716

                                                                                                                Prior                      Actual

CA:   Merchandise Trade December                                         $-1.98 B                $-4.59 B

         Purchasing Managers’ Index February                          49.5                        48.9

US:   International Trade December                                         $-50.3 B               $-59.8 B

         Petroleum Status Report wk3/1

                Crude Oil                                                                              -8.7M Brls            7.1M Brls                 Gasoline                                                                               -1.9 M Brls         -4.2M Brls

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