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.