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DOLLAR-CANADA
DOLLAR-CANADA: A steady recovery in crude oil prices has boosted the loonie and
USD/CAD trades -67 pips at C$1.3635. CAD is the best G10 performer and one of
the two currencies in the basked (alongside NOK) which outperforms the
greenback. USD has drawn support from remarks re: fiscal stimulus from U.S. Pres
Trump & Tsy Sec Mnuchin.
- Speaking in the NY/Asia crossover, Canadian FinMin Morneau said that the gov't
is working on its own targeted fiscal measures to address the economic fallout
from the coronavirus epidemic. He stressed that Canada is in a strong position
to deliver appropriate responses. At the same time, he noted that "we shouldn't
think of the budget as the only way to respond," instead inclining towards
continuous monitoring of "facts on the ground."
- The initial bearish target is provided by y'day's low of C$1.3462, a breakout
from Monday's range would fuel bearish hopes for a meaningful reversal. Bulls
continue to watch y'day's multi-year high of C$1.3766.
- Canadian Q4 capacity utilization rate hits on Weds, with existing home sales
due on Fri. BoC speaker slate is empty this week.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com