- The loonie was steady, holding on to modest gains garnered a day earlier from the Bank of Canada’s statement that sounded a positive note on the economy, coming across less dovish than many had expected.
- On balance though the latest message from the BOC was mixed to neutral as it voiced worry over slumping oil, a key commodity export, and weak economies in Europe and Asia.
- Daunting risk events for USDCAD are lined up Friday in key North American data on jobs and trade. Forecasts call for Canada to add jobs for a third straight month.
- Positive domestic data could see the loonie continue a modest drift higher. Weak oil risks slowing, or undercutting, any pace of loonie appreciation, however.
The material has been provided by InstaForex Company – www.instaforex.com