Navigate Up
Sign In

Bank of Canada stays steady on its course

Posted on: May 25, 2016

​USDCAD took a tumble yesterday with WTI pushing higher testing the $49/bbl. It opened in the low 1.3100 area and fell to the 1.3086 level before reversing all of the move rallying back up to the 1.3166 in late afternoon. However, a very bullish API number took it down to 1.3120 area just before the close.

The focus of the day is the Bank of Canada announcement and it was widely expected to remain unchanged at 0.5%. It came in right on expectation with second quarter GDP cut by 1.25PP due to Alberta's wildfire and the statement that the Canadian Dollar is now close to level assumed in April. All in all, it was a fairly neutral statement with nothing unexpected.

EIA crude oil inventories fell 4.23 million barrels which is not as bullish as yesterday's API number. WTI fell from an early morning high of 49.62 to trade back below the 49 handle. That has given the USDCAD some support.

With both the Bank of Canada and EIA announcements out of the way. The market will be determined by flow and risk sentiment although I don't think the market will bet too heavily one way or the other until Friday when we hear from Yellen and other top tier USD data. I'm still bias long USDCAD right now with possible entry in the 1.3015/30 area targeting the 1.3170/80 area.

  • Previous Day's NA Range 1.3086 - 1.3166
  • Asia overnight range 1.3094- 1.3133
  • London overnight range 1.3086- 1.3133


Most Recent Market Updates

November 20, 2017

Natural gas gains 4.4 cents

NYMEX natural gas climbed 4.4 cents higher on Friday.

November 20, 2017

Crude gained $1.41

Crude prompt futures gained $1.41 on Friday to close the day at $56.55.

November 17, 2017

Natural gas falls 2.7 cents

NYMEX natural gas continued it’s decent on Thursday.

November 17, 2017

Crude prices slide $0.19

Crude prompt futures traded in a 69 cent range.

November 17, 2017

USDCAD range bound as Canadian CPI uneventful

Domestically we saw the biggest release of the week a few minutes ago.

November 14, 2017

Natural gas loses 5 cents

Cold weather emerged over the long weekend in the US Midwest to East as anticipated.


Talk to a specialist

GlassdooreSSENTIAL Accessibility™Diversity and Inclusion

About ATB | Contact Us | Find a Branch or ABM | Current Rates | Privacy and Security | Legal | Code of Conduct | Site Map | Supplier Resources

©ATB Financial 2019. All rights reserved. ATB Financial is a trade name/registered trademark.

ATB Financial