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Strategies & Market Trends : Canadian Dollar
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To: Ed Huang who wrote (46)12/12/1997 1:00:00 PM
From: TAPDOG   of 103
 
Bank of Canada wants to hold C$ above 70cents. They intervened in the markets yesterday and raised rates today. At noon the futures are back to 7065 (.7035 in the cash). Thiessen keeps saying everything is great. I think he protests too much. It looks to me like the market will test 70 cents again and the Can$ cannot rally until the Asian thing has settled down.
The problem with the Can$ isn't just that their rates are lower than U.S. It's that there are lots of Asian holders of Canadian bonds and bills and they are dumping because they need the money.
Beware, however, because the Bank of Canada has been historically good at intervening and defending their currency.
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