USDCAD was down 4.16% from January to February 2019 at 1.30831 which is around 0.382 level of fibonacci retracement from October low to December high. This pair has rebounded 2.92% up from Febuary to March 2019 to the 0.764 level. this pair could move to the 1 level at 1.36673 or going further to the 1.238 level which is also the intersection between 0.764 level of fibonacci circle and 2/1 of gann line. From the fundamental view USDCAD is looking negative. the crude oil prices and labor productivity is falling, moreover dovish view from the CEO of Royal Bank of Canada makes Canadian Dollar looking weak.
Fundamental and News
Data last month for the fourth quarter showed that Canada’s economy barely grew due to plunging Canadian crude oil export prices and that the labor productivity of Canadian businesses fell by 0.4 percent.
Due to a lack of pipeline capacity, the price of Canadian heavy crude fell last October to a discount of more than $50 a barrel below the benchmark for U.S. oil.
-The chief executive of Royal Bank of Canada, said on Thursday that Canada’s struggle to compete with global peers is hurting its ability to grow the economy.
“Our competitiveness is challenged. Our capacity to grow and advance our economy is stalling,” said RBC Chief Executive Dave McKay, in prepared remarks for shareholders at the company’s 150th annual meeting, in Halifax, Nova Scotia.
-Canadian Prime Minister Trudeau: Rejects Idea Of Accepting Quotas On Aluminium And Steel Exports To US In Exchange For Washington Lifting Tariffs
Fundamental and News
Data last month for the fourth quarter showed that Canada’s economy barely grew due to plunging Canadian crude oil export prices and that the labor productivity of Canadian businesses fell by 0.4 percent.
Due to a lack of pipeline capacity, the price of Canadian heavy crude fell last October to a discount of more than $50 a barrel below the benchmark for U.S. oil.
-The chief executive of Royal Bank of Canada, said on Thursday that Canada’s struggle to compete with global peers is hurting its ability to grow the economy.
“Our competitiveness is challenged. Our capacity to grow and advance our economy is stalling,” said RBC Chief Executive Dave McKay, in prepared remarks for shareholders at the company’s 150th annual meeting, in Halifax, Nova Scotia.
-Canadian Prime Minister Trudeau: Rejects Idea Of Accepting Quotas On Aluminium And Steel Exports To US In Exchange For Washington Lifting Tariffs