After falling to 1.2670 against the dollar yesterday, near its two week low the loonie has snapped back sharply over the comments from Bank of Canada (BOC) governor Stephen Poloz. The governor poured cold water over the …
After falling to 1.2670 against the dollar yesterday, near its two week low the loonie has snapped back sharply over the comments from Bank of Canada (BOC) governor Stephen Poloz.
The governor poured cold water over the speculation of a further rate cut, in its next monetary policy meeting in March fourth.
He commented the recent rate cut by 25 basis points have given BOC some time to assess the impact of the cut & fall in crude prices.
The speech is of high importance, as Mr. Poloz usually hands out guidance over upcoming decisions & from today the blackout period starts, where the members are not allowed to speak over policy.
Analogy & reaction -
Canadian dollar has gained sharply, currently trading at 1.244 against dollar, up 0.39% on the day. Toronto Stock index is trading at 15164, fairly stable over the comments.
Canada despite being a diverse economy, its currency remains trapped over oil price & may continue to do so.
Canadian dollar is currently moving in sideways trade which may continue so until further queue comes from oil or BOC.
Nevertheless at this loonie valuation, stock market may experience portfolio inflows.
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