The Canadian dollar today faces great difficulty in joining a positive rally. Oil and stock prices continue to rise, but this does not seem to affect Loonie. CAD is already the worst performing currency of the day.
USD / CAD is now up about 50 points, reaching levels at 1.33176, bringing them closer to July's highs at 1.33450.
What seems to be going on with the Canadian is that market participants are skeptical of Bank of Canada. The Central Bank of Canada can no longer stand idle in a world that is headed for a global rate cut. It is also one of the banks that is not afraid of surprises, and if it is to come, it will be dovish.
As for this week's data for Canada, we expect CPI on Wednesday and retail Friday, so there will be action on the Canadian dollar traders. There will be no speeches at the BOC until September 4. The information blackout begins Tuesday.
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