The main factor behind the Canadian dollar appreciation is likely the expectation of tomorrow's Bank of Canada statement accompanying the widely expected hike.
More Quotes from Carolyn Kwan:
I think the next interest rate increase is pretty much anticipated. We (forecast) another interest rate increase coming right after that as well, we think this is pretty supportive of that.Carolyn Kwan
The business conditions survey is going to take center stage for Canada, maybe in particular because the Canadian dollar seems to be playing an important role in the Bank of Canada's thinking now.
Carolyn Kwan
Today's number might represent some upside risk to that.
Carolyn Kwan
Basically whatever high level of investment there last year, there will be even more this year. But we have some good gains in other areas too.
Carolyn Kwan
The overall tone of the report is pretty mediocre at this point.
Carolyn Kwan
With the stronger trade surplus, I would have expected the Canadian dollar to do a little bit better, except of course at the same time the U.S. trade deficit came in smaller than expected. As a result it's been positive for the U.S. dollar.
Carolyn Kwan
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