NBC Daily Forex : November 13, 2013
The National Bank of Canada | Nov 14, 2013 12:25AM ET
Yesterday, Canadian Finance Minister Jim Flaherty released the federal government’s new budget projections for the next few years, which indicate that Canada will balance the books again in 2015 after seven years of deficits. He also added good news for Canadian taxpayers, stating that he did not think any tax increases would be needed to return the country to a balanced budget. The projections rely mainly on economic growth–forecast at 1.7% for 2013 and 2.4% for 2014–and freezing program spending to achieve this objective. The loonie scarcely budged on the news yesterday afternoon, remaining within the same range where it has been trading for the past two weeks.
No major economic news is expected today. However, we will be keeping an eye on the Teranet - National Bank National Composite House Price IndexTM for October, which will be released at 9 a.m. today. Economists have not provided forecasts, but it is important to keep in mind that prices grew by an annualized 2.7% in September. Many analysts are concerned about the health of the Canadian real estate market, given that prices have skyrocketed in recent years. Have a great day. Xavier Villemaire
Range of the day: 1.0455-1.0535
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