USDCAD is Setup for A Bullish Continuation
USDCAD is being held by 1.3100. A hesitant crude price is keeping a cap to CAD strength as it is evident that US President Trump wants to keep a lid on crude price.
Increased US oil production and stagnant demand are balancing OPEC production cut.
Canada Q4 2018 growth stands at 0.1%, the weakest figure since Q2 2016 due to lower export prices of crude oil, crude bitumen & shrank in final domestic demand. For Q1 2019, Ivey PMI is pointing to a lower economic activity. BOC changed its trajectory towards at more neutral stance and says it will be watching closely developments in household spending, oil markets, and global trade policy.
Increased US oil production and stagnant demand are balancing OPEC production cut.
Canada Q4 2018 growth stands at 0.1%, the weakest figure since Q2 2016 due to lower export prices of crude oil, crude bitumen & shrank in final domestic demand. For Q1 2019, Ivey PMI is pointing to a lower economic activity. BOC changed its trajectory towards at more neutral stance and says it will be watching closely developments in household spending, oil markets, and global trade policy.
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