I do see the Bank of Canada looking to raise rates, and the converging yield curve between Canada and the United States will continue to underpin the Canadian dollar.
More Quotes from Jack Spitz:
There's been corporate support for dollarCanada all the way down here. Model funds, momentum types, technical traders are still looking at buying the Canadian dollar even above 88 cents.Jack Spitz
A hawkish tone is already priced into the markets, both in the yield curve and on the currency. It was the big event risk of the week and he did live up to market expectations.
Jack Spitz
There's support for the Canadian dollar because fundamentally the numbers that were released this morning were still not bad enough to continue to see the Canadian dollar weaken.
Jack Spitz
He repeated the call for modest interest rate increases.
Jack Spitz
The number underscores economic strength in the country. Bank of Canada may continue its hawkish stance. This is supportive to the Canadian dollar.
Jack Spitz
Given the Fed's middle-of-the-road statement that the end is somewhere nearer rather than further, it implies that the (U.S.-Canada) interest rate differential is going to narrow, and that is favorable for the Canadian dollar.
Jack Spitz
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