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Canadian dollar slightly better

By MoneyWay | Mar 7, 2019

Oil prices are slightly higher, allowing the CAD to do a bit better, the USD has gained most other currencies as ECB President Mario Draghi announced the bank was revising its outlook for Eurozone growth downward and would increase its stimulus efforts accordingly. The euro fell to its weakest versus the USD since June 2017, the scaling back of European economic forecasts comes as the picture for growth around the world is looking softer. The Organization for Economic Co-operation and Development has cut its global outlook, while China this week downgraded its goal for economic expansion, and gross domestic product growth in Australia disappointed.

Tomorrow Statscan will release housing starts and unemployment numbers, there are no real dramatic expectations, analysts are looking for a bit of a drop in the unemployment rate from 5.8% to 5.7%.

Currently             Close                     Range

USDCAD               1.3421                   1.3442                   1.3414-1.3447

EURCAD               1.5054                   1.5198                   1.5040-1.5212

GBPCAD               1.7585                   1.7704                   1.7571-1.7724

                                                                                                Prior                      Actual

US:   Jobless Claims wk3/2                                            226K                      223K

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