Fitch Ratings has concerns about Canada’s overall balance sheet, once all levels of government debt is combined, federal, provincial, etc. is higher than other ‘AAA’ rated sovereigns, excepting the U.S, and remains close to a level that is incompatible with ‘AAA’ status.” Fitch Ratings says its growth expectations are broadly in line with the federal government’s. The Liberals revised GDP down to 1.8 per cent this year and 1.6 per cent the year after. Fitch Ratings forecasts 1.6 per cent this year, and 1.7 per cent in 2020.
The Canadian dollar is weaker even with higher commodity prices and will likely stay in a narrow range in the short term.
Currently Close Range
USDCAD 1.3390 1.3305 1.3276-1.3390
EURCAD 1.5190 1.5185 1.5159-1.5209
GBPCAD 1.7433 1.7560 1.733-1.7588
US: Jobless Claims wk3/16 230K 221K
Philly Fed Business Outlook March -4.1 13.7
Leading Indicators Feb 0.0% 0.2%