The Canadian dollar has ticked higher in the Thursday session. Currently, USD/CAD is trading at 1.3043, down 0.10% on the day. On the release front, there are no Canadian events. In the U.S, the markets are braced for mixed news from durable good orders. Core durable goods orders are expected to improve to 0.5%, while durable goods orders are forecast to plunge to -1.3%, after a strong gain of 4.5% in the previous release. Unemployment claims are expected to rise to 214 thousand. On Friday, Germany releases GfK Consumer Climate and the U.S publishes Advance GDP and UoM Consumer Sentiment. (if you want to make money in the financial market use our forex bot)
As widely expected, the BoC raised the benchmark rate by a quarter-point, to 1.75%. The BoC gave the economy high marks, while at the same time noting that lower oil prices and the U.S-China trade dispute could dampen economic growth. BoC Deputy Governor Carolyn Wilkins noted that even with the increase, rate policy remains “accommodative”, as the “neutral rate” stance won’t be reached until rates are between 2.5% and 3.5%. As the move was priced in, the Canadian dollar could only muster slight gains on Wednesday. Still, the currency has posted modest gains this week, after recording three straight weekly losses. Geopolitical hotspots continue to weigh on investor risk appetite, which has weighed on the Canadian dollar, a minor currency. Trouble spots include the spike in Italian bond yields, the Brexit impasse and the U.S-China trade war.
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