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USD/CAD Steadies Above 1.30; Markets Look to Federal Reserve and G20 Meetings This Week

Published March 19, 2018
  • USD/CAD remains in the high 1.30s after briefly crossing the 1.31 mark earlier this morning. Disappointing numbers for Canadian manufacturing sales and a lackluster number of Canadian securities purchased by foreigners kept the loonie weak during trading hours on Friday.
  • Global stocks started this week mixed as investors look to the first rate hike of the year from the Federal Reserve. Persistent worries of a global trade war are also keeping markets on edge.
  • The hike from the Federal Reserve this Wednesday is largely priced into the USD/CAD rate. Investors will look for clues on the pace of monetary tightening out of the US in the FOMC Economic Projections & FOMC Statement .
  • G20 meetings started today in Buenos Aires, Argentina against a backdrop of rising trade tensions between the US & China; the subject of multi-lateral trade is likely to be a major topic among economists and finance ministers from the world’s twenty largest economies.
  • Oil prices remain mixed this morning as the market continues to digest figures that indicated rising drilling activity in the US; the weekly Baker Hughes drilling report showed a total count of 800 active rigs in the US, up from 631 last year.