Canadian Dollar to Fall Further?
1. Weak Canadian economic dataUnless you’ve been living under a rock or floating around in outer space like Robopip, you’d be aware that the Canadian economy has been printing one bad report after another.Last week, Canada printed a very disappointing Ivey PMI figure of 46.3, reflecting a contraction in the manufacturing industry when analysts were actually expecting to see an improvement from 53.7 to 55.0. Canada also reported a jaw-dropping 6.7% decline in building permits, worse than the estimated 2.3% dip. To top it all off, the jobs report revealed that the economy lost 45.9K jobs in December, enough to push the unemployment rate up from 6.9% to 7.2%.2. Further declines in oil prices?
It doesn’t help the Loonie’s cause that oil prices have been slipping and sliding lately. A quick look at the daily chart of Brent crude oil suggests that further declines are likely, as a double top pattern has formed and price has already broken below the formation’s neckline:
Source: http://whatisthatwhistlingsound.blogspot.com/2014/01/canadian-dollar-to-fall-further.html
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Whistler Blowers, Insiders
America was never happy when the Canadian dollar was at par or even hovering above its own currency. It is no surprise that this is happening, what goes up will come down, what goes down will come up again eventually. If they let it. Harper did do OK for us economically so far for his two term’s ( who voted for him??) tho the rest was ignored unless attached to business, that is how it looks from my angle.
They never did equalize pricing for books, that bothered me greatly for years our money was almost equal but here in Canada I have to pay much more to support my only addiction, books.. shakes fist in Harper’s general direction.