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Strategies & Market Trends : Canadian Dollar

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To: Barron Von Hymen who wrote (73)	2/2/1998 6:15:00 PM
From: AreWeThereYet	Read Replies (1) of 103

This quoted from Custom House's World Market Update "The reaction to Friday's rate in crease by the Bank of Canada was definitely interesting - if not unusual. The 50 basis point boost resulted in a marked rise at the onset but quickly reversed directions and looked to be heading for further lows. The central bank even had to intervene as the selling momentum built up speed. Following this, there was a period of calm and finally some strengthening by late afternoon. The first Asian session following the tightening saw further strengthening, but early North America consolidated some recent profits and sold the Canadian dollar for its US counterpart. Forecasts for the next while are about equally mixed in either direction. The fact that the oversold currency didn't rally initially after the rate movement could be a sign of the continuing bearish sentiment and caution to buy the loonie; however, as the interest rate disparity between Canada and the US lessens the week loonie will appear more and more of a bargain." aC

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