The Canadian dollar depreciated today against the USD. The US dollar gained 0.67 compared to the CAD over the past 24 hours. Risk off and traders squaring positions before the release of the Federal Open Market Committee (FOMC) meeting minutes tomorrow at 14:00 EDT favored the USD even as the notes policymakers will still report Patience eh Fed.
Canada's commercial release $ 1.9 billion deficit was almost three times more than last month's figures. Imports fell 2.6 percent, but in a negative rating Exports fell 5.4 percent after a record $ 43.7 billion in February. The Canadian dollar did not release well, but analysts expected a slight decline from the strong start of the year.
The Canadian dollar is little support from energy prices. Oil has been volatile trade after the Organization of Petroleum Exporting Countries (OPEC) members issued statements supporting the output Doha Summit Oil Freeze. Kuwait was the last to say the participation of Iran is not a deal breaker, but the Deputy Crown Prince Mohammed bin Salman comments from Saudi Arabia said that if Iran is not of agreement on a freeze out, he would withdraw from the case.
oil recovered downs experienced in February with the oil production agreement gel playing great role in the energy to find some stability. The fact is that producers keep pumping at near record levels are unlikely to gel these production levels will be plenty of light without significant increase in global demand impact.
CAD traders will be awaiting the release of oil stocks in the United States and will later listen to the publication of the Federal Open Market Committee (FOMC) meeting minutes of the March. accommodative Fed policy is set to explore further with more views of policy makers to investors. Comments from the Federal Reserve Bank of Kansas City President Esther L. George will be actively sought as she was the lone dissenter on the vote to keep interest rates unchanged.
facts of the Fed and official statements stressed the caution with which the central bank will address the decision to raise rates in the future. The patient's position has made the market punish the USD against other pairs as it is unlikely that there will be over 2 rate hikes in 2016, when at the end of 2015 the expectation supported by forecasts the Fed was twofold.
USD / CAD events to watch this week:
Wednesday, April 6
10:30 USD stocks of crude oil
2:00 p.m. USD FOMC Meeting Minutes
Thursday, April 7
8:30 USD unemployment claims
17:30 USD Fed President Yellen Speaks
Friday, April 8
8: 30 CAD employment Change
8:30 CAD unemployment rate
* All times EDT
for a full list of events planned for the visit of the foreign exchange market the economic calendar MarketPulse
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