Pressure on the Canadian dollar is being felt, and could drive the USD/CAD pairing to its lowest level since the start of the year. As we await next week's Fed meeting, markets are sensitive to external factors such as crude oil prices, which fell as low as $47.50/barrel yesterday on the announcement of abundant crude oil inventories in the U.S.
The IMF has just approved a $17.5 billion loan to Ukraine to be disbursed over the coming year in order to stabilize the country's economy and financial sector. The first $5 billion will be sent by the end of the week. The country has experienced trying times in recent years, with its currency trading at an all-time low and bond yields exceeding 15%.
On the agenda this morning, U.S. Retail Sales data for February. Have a great day!
David Le Houx
Range of the day: 1.2660 - 1.2820