Canadian dollar weaker as China lowers GDP forecast

By MoneyWay | Mar 5, 2019

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

                                                                                                Prior                      Actual

US:  New Home Sales December                                599K                      621K

        ISM Non-Mfg Index February                             56.7                        59.7


Visit us in-store for the best rate!

Where to Find Us

Get Daily Rates in Your Email Inbox