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- After falling to 1.2670 against the dollar yesterday, near its two week low the loonie has snapped back sharply over the comments from Bank of Canada (BOC) governor Stephen Poloz.
- The governor poured cold water over the speculation of a further rate cut, in its next monetary policy meeting in March fourth.
- He commented the recent rate cut by 25 basis points have given BOC some time to assess the impact of the cut & fall in crude prices.
- The speech is of high importance, as Mr. Poloz usually hands out guidance over upcoming decisions & from today the blackout period starts, where the members are not allowed to speak over policy.
Analogy & reaction -
- Canadian dollar has gained sharply, currently trading at 1.244 against dollar, up 0.39% on the day. Toronto Stock index is trading at 15164, fairly stable over the comments.
- Canada despite being a diverse economy, its currency remains trapped over oil price & may continue to do so.
- Canadian dollar is currently moving in sideways trade which may continue so until further queue comes from oil or BOC.
- Nevertheless at this loonie valuation, stock market may experience portfolio inflows.
