- The Federal Reserve confirmed yesterday that, despite the slight improvement in economic conditions, it will maintain its bond-buying program at a pace of some $85 billion a month. According to Bernanke, it will take more that gains in the job market for the FOMC to alter its position. The USD/CAD pairing barely moved further to the news.
- Weekly U.S. Initial Jobless Claims figures are expected at 8:30 this morning. Markets are forecasting some 344,000 claims over the past 7 days, versus 332,000 previously. This would explain, at least in part, why Bernanke is biding his time before reducing the Fed’s contribution.
- In Canada, we are expecting the release of January Retail Sales data. Markets anticipate growth of 0.9% for the month, compared to -2.1% previously. This could bode well for the Canadian dollar. Wishing you a great day. Xavier Villemaire.
- Range of the day: 1.0180 - 1.0280
- Range of the next 5 days: 1.0075 - 1.0400
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