The Canadian dollar steadied at a two-week high against its US counterpart on Friday as domestic data showed its trade balance swinging into surplus in January and business activity recovering.
Canada recorded a bigger-than-expected trade surplus of C$496 million after a revised C$863 million deficit in December, but a decline in both export and import volumes barely impressed economists.
The S&P Global Canada Manufacturing PMI rose to a seasonally adjusted 49.7 last month, posting its highest level since April, while Service PMI notched its highest level since October though remaining in contraction.
The BOC said on Wednesday it was too early to consider easing rates as it kept its benchmark rate on hold at 5%, which contrasts sharply with expected loosening indicated by Fed Chair Powell.
Loonie was also pushed higher by rising oil prices. Keystone oil pipeline resumed service after going offline and temporarily restricting a major conduit of Canadian oil to its neighbour to the south.
The EIA said the global oil market is relatively well supplied with demand growth slowing and supply increasing from the Americas. Oil inventories in the US rose for a 6th straight week.
The pair dipped below its 50 SMA and ascending channel, suggesting more pains ahead. A break below key support around 1.3340 could threaten downward trajectory towards 1.3200.
EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment, or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Financial Group or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
더 오래된 의견은 없습니다. 소파를 가장 먼저 잡으십시오.