FX Daily Update
The National Bank of Canada | Jan 29, 2015 11:56PM ET
Unpleasant surprises have been coming fast and furious for Canada, as Statistics Canada slashed its job growth numbers for 2014 (from +185,700 to 121,300), a move that quickly fed speculation regarding a new key rate cut when the BoC meets on March 4.
Although the loonie was able to ride out the shock of this news, it was another story altogether when the Fed announced that it would be staying the course in terms of a future rate hike. The greenback regained its lost ground from yesterday against all major currencies on the news and the loonie fell to a recent low.
If that weren’t enough to darken the outlook for the CAD, crude oil fell below $45 yesterday after it was announced that U.S. stockpiles are at their highest level since 1982. Stock markets also had a rough day, with the TSX giving up more than 1.5%.
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